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Consultants Gambit
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67
The chart shows a historical average of 0.35x, which the activist argues should be lower.Bunge Global SA (BG) · Ben Axler
Activist deck Short seller Beat · Impact & Next StepsLoop · Build Up1 hit
68
The table highlights specific adjustments made by Spruce Point to debt and enterprise value calculations.Bunge Global SA (BG) · Ben Axler
Activist deck Short seller Beat · Impact & Next StepsLoop · Build Up1 hit
69
The slide uses a 'bridge' style logic to adjust Bunge's reported figures to a more conservative Spruce Point view.Bunge Global SA (BG) · Ben Axler
Activist deck Short seller Beat · Impact & Next StepsLoop · Build Up1 hit
70
The slide uses a red outline to highlight specific 'closest peers' for comparison.Bunge Global SA (BG) · Ben Axler
Activist deck Short seller Beat · Impact & Next StepsLoop · Build Up1 hit
71
The slide uses red bars to highlight Bunge's position relative to the peer average line.Bunge Global SA (BG) · Ben Axler
Activist deck Short seller Beat · Impact & Next StepsLoop · Build Up1 hit
72
The slide uses a valuation bridge to derive equity value from enterprise value, then calculates share price targets.Bunge Global SA (BG) · Ben Axler
Activist deck Short seller Beat · Impact & Next StepsLoop · Build Up1 hit
01
The slide uses strong, accusatory language to frame the company as a fraudulent entity, drawing parallels to historical Japanese corporate scandals.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Situation & Context1 hit
02
The slide uses a quote to frame a discussion about the escalation of deception.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Situation & ContextLoop · Aha Moment1 hit
03
Standard investment research disclaimer covering conflicts of interest, lack of investment advice, and limitations of liability.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Situation & ContextLoop · Aha Moment1 hit
04
The slide outlines a forensic accounting argument regarding the manipulation of inventory and balance sheet items to artificially boost profit margins.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Situation & ContextLoop · Aha Moment1 hit
07
The slide argues that Lasertec's inventory classification (0% finished goods) is a deliberate accounting trick to avoid impairment charges and maintain stock price, supported by anecdotal evidence from IR and photographic evidence.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
08
The slide uses a forensic accounting argument, specifically highlighting the divergence between reported net income and cash conversion rates as a red flag for potential accounting manipulation.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
09
The slide uses comparative analysis of financial ratios (cash flow to sales/assets) and historical precedents (Toshiba, MagnaChip) to build a case for accounting irregularities.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
10
Scorpion Capitalのレポートに基づく分析。具体的な金額（11億ドル、7億ドル、8億3200万ドル等）を引用し、財務的インパクトを強調。Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
11
The slide presents a highly critical investigative report on Lasertec's core product, alleging technical failure and financial misrepresentation.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
12
This slide functions as a continuation of a critical investigative report on Lasertec's product reliability.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
13
Contains testimonials from former field service engineers regarding Lasertec's ACTIS A150 equipment and Ushio light sources.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
14
The slide presents a series of investigative findings regarding technical failures in Lasertec's EUV inspection equipment.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
15
This slide presents qualitative evidence from industry insiders (former KLA engineers, semiconductor executives) regarding Lasertec's product reliability issues.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
16
The slide details specific technical failures (light source degradation, stage contamination) and their economic impact on customers (forced backup purchases, high maintenance costs).Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
17
The slide details a corporate scandal involving the rebranding of 'Isteq' technology as 'Urashima' to hide defects in Lasertec's semiconductor inspection equipment.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
18
The slide contains repetitive text blocks (the first and third bullet points are identical).Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
19
The slide presents anecdotal evidence and expert testimony to challenge the viability of Lasertec's current light source strategy.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
20
The slide presents a series of expert testimonies and technical arguments debunking the claims made by Lasertec regarding their ACTIS A300 product.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
21
Fraud exposure / Short thesis research note.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
22
The slide details interviews with former Cymer and Isteq experts, contrasting Lasertec's resource allocation with ASML's massive investment in EUV technology.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
23
第5部として、ASMLのCymer買収と開発の苦労を対比させ、Lasertecの技術的妥当性を批判的に検証している。Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
24
Contains specific allegations regarding Lasertec's supply chain, Isteq's origins, and technical failures of the plasma-based light source.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
25
This slide presents a critical investigative summary regarding Lasertec's technical claims and customer relations.Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit
26
ページ番号26。第6部（185-191ページ）の要約。Lasertec Corporation (6920) · Scorpion Capital
Research note Short seller Beat · Problem & ComplicationLoop · Logic Chain1 hit