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  "documentTitle": "Caesarstone Ltd. (CSTE)",
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  "notes": "Includes a red-boxed highlight on the Adjusted EBITDA figure in the table.",
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      "text": "Despite guidance showing reduced yoy earnings, Chardan analysts claim that the business now represents LESS RISK, and therefore derive an increased valuation based on a reduced WACC:",
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      "text": "Despite guidance showing reduced yoy earnings, Chardan analysts claim that the business now represents LESS RISK, and therefore derive an increased valuation based on a reduced WACC.",
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      "text": "Adjusted EBITDA: $130,260",
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      "text": "As a prelude to our piece, Ben Axler of Spruce Point Capital has written two good short reports on CSTE. We will not be doubling down on much of Ben's data, which remains relevant and should be considered concurrently.",
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      "text": "Sellside appear to have jumped on the bag-holder bandwagon.",
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      "text": "Guidance: The Company today issued guidance for the full-year of 2017. It expects its 2017 revenue to be in the range of $580 million to $595 million, and adjusted EBITDA to be in the range of $119 million to $126 million.",
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      "text": "Management has a history of producing inconsistent information, numerous revisions and profit downgrades. Management announced a decreased 2017 yoy earnings guidance in February; despite this the stock is up !",
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      "kind": "source-note",
      "text": "2 http://ir.caesarstone.com/releasedetail.cfm?ReleaseID=1010928 3 http://ir.caesarstone.com/releasedetail.cfm?ReleaseID=1010928",
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      "text": "Reconciliation of Net Income to Adjusted EBITDA table",
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      "text": "Management has a big mouth, no results to back it up",
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      "text": "1. Short thesis",
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