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Campaigns / Muddy Waters → Ströer SE & Co. KGaA
Muddy Waters vs. Ströer SE & Co. KGaA

Ströer SE & Co. KGaA · SAX

2 decks published between 2016-04-21 and 2016-08-10 — 153 pages, 153 analysed slides total.

initial thesis response

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2016-04-21 initial thesis

    2016 04 MW_SAX_04212016

    62pp · research_note

    Ströer's digital-transformation narrative is hollow: organic growth is 10x overstated, EBITDA and FCF are inflated, and insider self-dealing rivals Chinese fraud cases — short.

    N 4 V 2 C 1
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  2. 2016-08-10 response

    2016 08 MW_SAX_Transcript_08102016

    91pp · other

    Muddy Waters publishes the translated transcript of Ströer's June 2016 AGM, where CEO Udo Müller defends the company against MW's short attack amid sharp shareholder questions.