Report by Vision Research

Since Vision pitched their short thesis on Vidrala, Verallia and O-I Glass at our Equity Shorting Conference in mid-Mar the stocks have underperformed the Stoxx600 by ~8%. In the last couple of months they have also initiated 3 new European shorts, 3 new US shorts, and has readied a new $7bn+ European short (trades ~$20m/day and has short interest of <1%) for initiation next week. Please join Vision for a meeting while members of their team are in Paris (Jun 5th-6th), Zurich (Jun 7th) and London (Jun 8th-12th).

In the last 24 months, Vision has closed several shorts including: Allegro, AutoStore, Boohoo, Burlington, Colruyt, De'Longhi, Electrolux, Gerresheimer, H&M, Hargreaves Lansdown, Inditex, New Relic, Nokian Tyres, Peloton, Similarweb, Thule, Trex, TSMC, UiPath and Whirlpool.

Industrials

Report by Vision Research

Trades >$10m/day and has <1% short interest - will be lapping price increases at a time when volumes have turned negative and there are substitution threats and declining per capita usage of products at some of its largest customers. It trades >10x EV/EBITDA on 2023 estimates that call for 40% growth in EBITDA.

In the last 24 months, Vision has closed several shorts including: Allegro, Boohoo, Colruyt, H&M, Inditex, New Relic, Nokian Tyres, Peloton, Similarweb, Thule, Trex, TSMC and UiPath.

Report by 280First

Analysis of the data and subsequent insights are driven by AI, NLP, data analytics and qualitative analyst oversight. Recent examples:

New Relic (NEWR) - Added the following wording to its 1Q23 10Q, “Businesses may look to rationalise their spending in response to such factors, which may impact our sales and renewal rates and negatively impact our business”.
Broadridge Financial Solutions (BR) - Added to its 2022 10K, “And the loss of any of such clients could have a material impact on our revenues and also result in an asset write-down of our client onboarding costs”.
Avnet (AVT) - Clear concerns re. cancellations, inventory and pricing.
Advanced Micro Devices (AMD) - Minor amendment to its 2Q 2022 10Q suggests they are more positive on cash flows.