{
  "docId": "019dd923-622c-750b-8b9a-b9ec86503f0f",
  "docSlug": "1c229fe41dea",
  "documentTitle": "GreenPower Motor Company (GP)",
  "authorId": "61_White_Diamond_Research",
  "authorName": null,
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": null,
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 23,
  "pageCount": 24,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 8,
  "notes": "The slide uses a 'villain' narrative (Atkinson/Hardy) to establish credibility before presenting a bearish valuation thesis.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-b9ec86503f0f/23",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-b9ec86503f0f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-b9ec86503f0f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-b9ec86503f0f#slide-23",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We’re valuing a cheap vehicle importer/reseller at 1x revenues plus net cash.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f5-7546-b35f-22444fccc827",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "market cap: $37M",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70f5-7546-b35f-2752cdc188a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.74,
        "x": 0.13,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "Versatile failed, but before shareholders lost everything, Atkinson spent $3M of Versatile’s capital on a 9.1% stake in Equus, a closed-end fund. Atkinson and Versatile’s CEO, John Hardy, went on to be executives and board members at Equus, collecting six figure packages while Versatile shareholders were wiped out.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2d6db6ca-3c03-4e11-acb8-a0b9684c1003",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.74,
        "x": 0.13,
        "y": 0.63
      },
      "kind": "paragraph",
      "text": "We’re valuing a cheap vehicle importer/reseller at 1x revenues plus net cash. GreenPower reported $25M in net cash for quarter ended 9/30/20. Assuming GreenPower does $12M in revenues this year, more than what it’s on track for, $12M + $25M = a market cap value of $37M.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7cd8e1fd-eec3-4dd9-95c1-3a1fd13f2f91",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.74,
        "x": 0.13,
        "y": 0.41
      },
      "kind": "paragraph",
      "text": "GreenPower’s Revenues Are Declining\n$13.5M in revenues in Year ended 3/31/20\n$5.1M in revenues for 6 months ended 9/30/20\nOn track for only $10.2M in revenues this year, for a 24% year-on-year decline.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a213a754-4155-42c1-ae9c-58c06670a652",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.35,
        "x": 0.13,
        "y": 0.36
      },
      "kind": "title",
      "text": "GreenPower’s Fair Valuation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da4cf6b2-965b-4f4d-89c9-d4db248e6480",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "0cc2b071-7803-4d3c-9d05-965705576d3b",
      "evidence": "The slide links past executive behavior to current valuation concerns.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 24,
      "from": 22,
      "beatId": "26cc5ce9-3824-4888-bfba-f95001d1ed81",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The document presents a valuation of GreenPower that contradicts market prices",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}