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  "documentTitle": "Caesarstone Ltd. (CSTE)",
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  "notes": "Includes two tables (Figure 22 and 23) and qualitative analysis of EBITDA margins comparing CSTE and Silestone.",
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      "text": "This means CSTE had to make up more than 20 percentage points of revenue in savings from marketing or staff cuts just to make up the proportional COGS difference between the two.",
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      "text": "EBITDA margins: 20%",
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      "text": "Readers should also note that Silestone’s EBITDA margins have also declined by over 6 percentage points over the last 5 years, reflecting the increasingly competitive market in which it operates. Despite having substantially lower gross margins (almost 20 percentage points!), CSTE’s EBITDA has grown in the midst of competition and has overtaken Cosentino’s margins! This means CSTE had to make up more than 20 percentage points of revenue in savings from marketing or staff cuts just to make up the proportional COGS difference between the two.",
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      "text": "Our analysis removed the capital structure effects on the business, transaction costs, minority interest earnings, and one-time costs. The results can be found on the next page and are labelled Figures 24 & 25.",
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      "text": "Figure 23 - CSTE FY 2016 Financial Statements",
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      "text": "Figure 22 - CSTE FY 2015 Financial Statements",
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      "text": "PROPERTY, PLANT AND EQUIPMENT, NET",
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