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  "documentTitle": "Caesarstone Ltd. (CSTE)",
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  "presentationDate": "2017-06-15 00:00:00",
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  "notes": "The slide uses a 'back-testing' methodology against Australian data to validate the discrepancy in US revenue figures.",
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      "kind": "callout",
      "text": "$524m is 97% of total revenues in FY 2016, and 70% more than CSTE's reported North American segment revenue of $308m.",
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      "kind": "callout",
      "text": "North America/Granite would have a larger revenues relative to volumes, making our calculations conservative.",
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      "text": "Premium countertop materials would be more heavily weighed than non-premium products. Developed geographies would be more heavily weighted than less-developed geographies.",
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      "text": "market penetration: 8.14%",
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      "text": "Mathematical derivation of 8.14% market penetration",
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      "text": "We back tested these calculations using Australian geographical data.",
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      "kind": "paragraph",
      "text": "Consider the following: You could calculate CSTE's alleged 14% quartz penetration in the USA backwards.",
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      "text": "Geographical revenue breakdown for 2014-2016",
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      "kind": "title",
      "text": "Figure 32 – CSTE market penetration in key markets",
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