{
  "docId": "019dd923-622c-750b-8b9a-03d18e01476f",
  "docSlug": "8add3011762c",
  "documentTitle": "Caesarstone Ltd. (CSTE)",
  "authorId": "57_Viceroy_Research",
  "authorName": null,
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-06-15 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.70690596,
  "pageNumber": 20,
  "pageCount": 40,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a combination of narrative analysis and a supporting table to cast doubt on the validity of the company's financial disclosures.",
  "elementsJson": [
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-03d18e01476f/20",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-03d18e01476f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-03d18e01476f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-03d18e01476f#slide-20",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "CSTE's financial forecasting is akin to holding their finger in the wind.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac2-71b6-bf4b-afe2989f093c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.76,
        "x": 0.12,
        "y": 0.84
      },
      "kind": "disclaimer",
      "text": "37, 38, 39: SEC and IKEA source links",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88b99dd6-ef52-4b7d-a15b-11b44bdb3852",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.76,
        "x": 0.12,
        "y": 0.31
      },
      "kind": "paragraph",
      "text": "Increased Volume? The consensus from the resellers we have contacted is that CSTE is not a quality product, and many prefer to redirect us to other hard surface worktops.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "27a21b9f-683c-4d69-a3e9-f979c97327fa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.76,
        "x": 0.12,
        "y": 0.11
      },
      "kind": "paragraph",
      "text": "Revenues increased by $39.0 million, or 7.8%, to $538.5 million in 2016 from $499.5 million in 2015...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "412f5ba4-af2f-48ae-8f3b-2ed68069cb7c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.76,
        "x": 0.12,
        "y": 0.23
      },
      "kind": "paragraph",
      "text": "Forecasting, Competition. With increased competition, margin pressures and a sales network that needs serious updating, it's no wonder CSTE are the subject of SEC enquiries...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "51d9e7bb-78d3-42aa-9c7f-37b5c16aa696",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.76,
        "x": 0.12,
        "y": 0.08
      },
      "kind": "paragraph",
      "text": "The following year's 20-F provided insight into various metrics which we address below:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c91015e7-f881-42fb-9122-e981f4caa3ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.76,
        "x": 0.12,
        "y": 0.4
      },
      "kind": "paragraph",
      "text": "Increased Average Selling Price? Our comprehensive channel checks showed no increase in the prices of CSTE products at over the last two years. In fact, a review of Ikea's catalogue shows that stock prices are generally decreasing.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ef0c710b-22ea-49e5-9e92-7d505635236d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.76,
        "x": 0.12,
        "y": 0.64
      },
      "kind": "source-note",
      "text": "Figure 13 – IKEA Sektion price list – FY 2015",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0e750694-ed63-4e64-bd38-177a5e2496e3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.76,
        "x": 0.12,
        "y": 0.2
      },
      "kind": "source-note",
      "text": "Figure 12 – 2016 Revenue Movement concerns",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b2a7c1e-9858-4d47-ab90-2e66516554e4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.76,
        "x": 0.12,
        "y": 0.48
      },
      "kind": "table",
      "text": "IKEA Sektion price list table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fca9e507-1b3f-4968-b3a2-9595095819a3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before-After-Bridge",
      "slug": "before-after-bridge",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "64ef9a4b-8787-4076-b5a2-b947cbb83723",
      "evidence": "Revenues increased by $39.0 million, or 7.8%, to $538.5 million in 2016 from $499.5 million in 2015...",
      "confidence": 0.5
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "f8e94ad6-fd95-447f-912a-684e5cf7a9ed",
      "evidence": "Contrasting company financial claims with external channel checks and pricing data to suggest misrepresentation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 29,
      "from": 15,
      "beatId": "77a5137c-3d4f-462a-849c-a3cb9162cad0",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Appendix Data",
      "beatSlug": null,
      "evidence": "The document provides supporting data and analysis.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 20,
      "from": 17,
      "beatId": "86cac76e-c4d6-4adc-8d29-75fbf4d3f30f",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document presents several contradictions in Caesarstone's disclosures and market research.",
      "position": 5,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}