{
  "docId": "019dd923-622c-750b-8b9a-1a3bea94baf9",
  "docSlug": "c358888161f0",
  "documentTitle": "Ginkgo Bioworks (DNA)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-06 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 13,
  "pageCount": 175,
  "prevPage": 12,
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  "slideType": "valuation_table",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 18,
  "notes": "The slide uses a red box to highlight Ginkgo Bioworks as the most expensive company in the dataset.",
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  "slideHref": "/slides/019dd923-622c-750b-8b9a-1a3bea94baf9/13",
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      "bbox": null,
      "kind": "callout",
      "text": "As we think the company’s revenue is fictitious – accounting hocus-pocus where investments in related-parties are round-tripped back as “revenue” - the actual price to sales multiple is infinity.",
      "attrs": null,
      "subkind": null,
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      "kind": "metric",
      "text": "TEV/LTM Total Revenues: 166",
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      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
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      "componentId": "019dd953-2b62-723f-b687-6efa71263090",
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      "kind": "paragraph",
      "text": "Given its preposterous valuation and multiple, the market appears utterly oblivious that Ginkgo is a house of cards where the rot runs deep. A Capital IQ search of all public companies in the world with >$50MM LTM revenue yields ~322,000 in total, and Ginkgo is the single most expensive at 166X revenue. As we think the company's revenue is fictitious – accounting hocus-pocus where investments in related-parties are round-tripped back as “revenue” - the actual price to sales multiple is infinity.",
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      "kind": "source-note",
      "text": "Source: Capital IQ screen",
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      "kind": "table",
      "text": "Company Name | TEV/LTM Total Revenues",
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      "evidence": "The slide explicitly frames the company's revenue as 'fictitious' and 'hocus-pocus' to justify a valuation critique.",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The deck critiques Ginkgo's founders and business practices.",
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      "evidence": "The deck presents evidence contradicting Ginkgo's claims and highlighting potential wrongdoings.",
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