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  "documentTitle": "Caesarstone Ltd. (CSTE)",
  "authorId": "57_Viceroy_Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-06-15 00:00:00",
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      "kind": "callout",
      "text": "Contrary to CSTE's suggestions of independence, Freedonia's data should not be considered independent. Freedonia source information from CSTE themselves and are compensated for the data by CSTE!",
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      "kind": "chart",
      "text": "2016 Global Countertop Demand by Region",
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      "kind": "chart",
      "text": "2016 Global Countertop Demand by Type",
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      "text": "Contrary to CSTE's suggestions of independence, Freedonia's data should not be considered independent. Freedonia source information from CSTE themselves and are compensated for the data by CSTE. Freedonia's pie charts do not reconcile with CSTE's revenues.",
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      "kind": "paragraph",
      "text": "In each year's financial statements CSTE give a breakdown of global countertop markets and demand developed \"independently\" by Freedonia Market Research, who conducted the research \"on behalf of\" CSTE. We have reservations on the accuracy of this data because:",
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      "text": "48 CSTE FY 2016 Financial Statements; 49 Refer to Spruce Point Capital CSTE Research",
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      "text": "Quartz penetration in our key markets (2010-2016)",
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      "kind": "title",
      "text": "11. Market data: The gaping hole in CSTE's market penetration logic",
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