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.

Consumer Discretionary

Report by MYST Advisors

Consensus estimates need to catch up with fundamentals - this Swedish home appliance manufacturer has benefitted from a Covid-driven pull forward in demand. However, with no replacement cycle for at least 5 years and management’s cost-cutting plan derailed by the fact that nearly all ELUXB’s input costs are at all-time highs, there is no chance that FY22 earnings end up being down only 5% (which follows estimates of an all-time high earnings level in FY21 of up ~40%).