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Campaigns / Muddy Waters → OSI Systems, Inc.
Muddy Waters vs. OSI Systems, Inc.

OSI Systems, Inc. · OSIS

2 decks published between 2017-12-06 and 2018-01-31 — 24 pages, 24 analysed slides total.

initial thesis follow up

Timeline

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

  1. 2017-12-06 initial thesis

    2017 12 MWR_OSIS_20171206

    19pp · research_note

    OSIS is rotten to the core: the Albania concession was obtained via an apparent bribe, the Mexico turnkey is egregiously priced and up for renewal, and FCPA liability could erase a large chunk of the $1.6bn market cap.

    N 5 V 2 C 2
    ” ⚑
  2. 2018-01-31 follow up

    2018 01 MWR_OSIS_20180131

    5pp · research_note

    OSIS's rebuttal fails: S2 Albania's financials prove ICMS contributed no capital, making its 49% concession stake an unjustified conduit for corruption and confirming management's lost credibility.