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  "documentTitle": "Caesarstone Ltd. (CSTE)",
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  "notes": "The slide uses investigative channel checks to debunk a company's growth narrative.",
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      "text": "Not one of Lowe’s customer service representatives we spoke to were able to locate Caesarstone’s Transform™ product! (Or any Caesarstone product whatsoever)",
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      "text": "Q3. Revenue growth guidance for 2017 of 9% was encouraging as the company announced its plans to sell a new product at Lowe’s this year and enter direct distribution in the UK. For a growth story that had stalled, the resumption of revenue growth is clearly an important sign. Figure 5 Stifel Earnings Analysis – 8 Feb 2017",
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      "kind": "paragraph",
      "text": "The sell side are expecting a material upside in the Lowe’s collaboration and a reputed revenue ‘growth driver’. Based on this data, it’s likely investors are going to be left materially disappointed.",
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      "text": "We spoke with Lowe’s on multiple occasions from the time of CSTE’s first collaboration announcement¹³ (8 February 2017) to the date of this report making extensive inquiries. Not one of Lowe’s customer service representatives we spoke to was able to locate Caesarstone’s Transform™ product (or any CSTE product)!",
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      "text": "CSTE’s 20F¹² states that the company “commenced offering our products and related services in several Lowe’s stores in the United States in the first quarter of 2017”.",
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      "text": "Analysts and investors should check Lowe’s sales channels before suggesting its significance as a growth driver.",
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      "text": "Two customer service agents suggested we try Ikea™ or purchasing another product: Silestone. It is worthwhile noting that while Lowe’s stocks no Caesarstone of any kind, they have an extensive range of Silestone and a few other brands, including their own brand.",
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      "kind": "paragraph",
      "text": "Caesarstone’s market expansion strategy took on another direction in their most recent filings announcing a collaboration with Lowe’s™, marketing a new overlay product called Transform™.",
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      "kind": "paragraph",
      "text": "It appears that either the company failed to inform Lowe’s of this latest development or the time expectations of commercialising this agreement are entirely flawed. The product is not available at Lowe’s stores via Customer Service for purchase, pre-order or samples as of the date of this report. In fact, Lowe’s Customer service has never heard of this product!",
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      "text": "Q3. Revenue growth guidance for 2017 of 9% was encouraging as the company announced its plans to sell a new product at Lowe’s this year and enter direct distribution in the UK. For a growth story that had stalled, the resumption of revenue growth is clearly an important sign. — Stifel Earnings Analysis - 8 Feb 2017",
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      "text": "12 https://www.sec.gov/Archives/edgar/data/1504379/000117891317000750/zk1719638.htm (20F)\n13 http://ir.caesarstone.com/secfiling.cfm?filingID=1178913-17-338&CIK=1504379",
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