{
  "docId": "019dd923-622c-750b-8b9a-0f4bec37392f",
  "docSlug": "f982379e2e48",
  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 101,
  "pageCount": 334,
  "prevPage": 100,
  "nextPage": 102,
  "slideType": "appendix_methodology",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 36,
  "notes": "The slide uses a series of three tables to demonstrate different valuation adjustment methods.",
  "elementsJson": [
    "paragraph",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/101",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-101",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We show below the remaining three methodologies: normalizing inventory to Lasertec’s historical, “normal” inventory as a percent of sales and assets; and by adjusting it to market value by applying the 50-75% discount quietly being shopped to key customers.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc7e-f1a1b3265e5c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "implied impairment charge: 101,017",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc7e-f65cdf0971db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.86,
        "x": 0.07,
        "y": 0.29
      },
      "kind": "paragraph",
      "text": "Additional three methodologies – normalizing inventory to peer group % of sales; and to % of assets",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "750ad21d-f0ab-4a40-aac0-766166814d1d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.54,
        "x": 0.07,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data; Lasertec financial filings and IR materials",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "37f25d84-d69f-424c-a6c8-2b79189dc8ab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.14,
        "w": 0.54,
        "x": 0.07,
        "y": 0.49
      },
      "kind": "table",
      "text": "Method 4: Normalize inventory to Lasertec average pre-EUV % of assets",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1a2cd160-7eda-43cc-bdc8-92c03650ebd8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.14,
        "w": 0.54,
        "x": 0.07,
        "y": 0.64
      },
      "kind": "table",
      "text": "Method 5: Reduce inventory value by Lasertec's 50-75% discount",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b59b5b65-6ae3-4bf1-b12a-3bf0fd596243",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.14,
        "w": 0.54,
        "x": 0.07,
        "y": 0.34
      },
      "kind": "table",
      "text": "Method 3: Normalize inventory to Lasertec average pre-EUV % of sales",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ec0a8264-0f72-48be-948f-53f41d539e4b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.86,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "title",
      "text": "The first two calculations for normalizing inventory - to peer group percent of sales and assets - were shown two pages ago. We show below the remaining three methodologies: normalizing inventory to Lasertec’s historical, “normal” inventory as a percent of sales and assets; and by adjusting it to market value by applying the 50-75% discount quietly being shopped to key customers.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e2f2705-04d3-4ca2-ad7d-5a6aced4018c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}