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  "docSlug": "8add3011762c",
  "documentTitle": "Caesarstone Ltd. (CSTE)",
  "authorId": "57_Viceroy_Research",
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  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-06-15 00:00:00",
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  "pageNumber": 36,
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  "notes": "The slide uses two pie charts to visually demonstrate the lack of significant growth in quartz market share, contradicting the company's narrative.",
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      "kind": "callout",
      "text": "CSTE’s market penetration figures are inflated in which case the data is wrong",
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      "text": "2014 Global Countertop Demand by Material",
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      "text": "2016 Global Countertop Demand By Type",
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      "text": "market penetration: 14%",
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      "kind": "paragraph",
      "text": "Year-on-year quartz growth. The surface demand mix increase yoy for quartz countertops appears extreme considering that: There was an obvious recommendation and sales data channel checked countertop fitters which suggest a preference towards granite or quartz. Granite and quartz are the same price. While Quartz surface has grown in the product mix by 50% since 2014, granite’s mix has stayed flat:",
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      "kind": "paragraph",
      "text": "CSTE alleges 14% market penetration in North America. Whilst this calculation does not consider countertop material preference by geography or even by volume, it would certainly be a stretch to say that the product mix of surfaces in Australia is so substantially different to that of the USA, as the calculation is derived from Australian figures. The mismatch speaks volumes. We believe either: CSTE’s performance is not correlated to the global market in which case the data is useless. CSTE’s market penetration figures are inflated in which case the data is wrong",
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