Investment Research report

Oatly Group AB

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Research Overview

S&P 500
Consumer Staples
Jul 14, 2021

After conducting a forensic financial and accounting review, Spruce Point believes Oatly Group AB(Nasdaq: OTLY), a Swedish food company that produces alternatives to dairy products from oats, has attempted to obscure investors from ongoing financial strains, CapEx overstatements and ongoing environmental issues. Based on our investigation, we estimate 30% to 70% intermediate-term downside risk, or $6.40 - $14.90 per share.

The report highlights several key concerns with the company, including:

  • Recent interviews with former employees reveal glaring warning signs about Oatly’s financial statements and poor CapEx decisions
  • U.S. channel checks show market share loss in milk and new entrants into market along with new signs of Oatly price discounting
  • We find several corporate governance red flags at Oatly
  • We believe that CapEx is inflated and new capacity additions may skyrocket 77% beyond stretched valuation leading to significant downside risk
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