Spruce Point Capital Management · activist-deck
Magnite, Inc. (MGNI)
54 pages · 3 arc beats · 2 loops
Magnite, Inc. (MGNI)
Spruce Point Capital Management · 2021-01 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 54 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
The Monster 10 slides 100% 10/10 slides 100% 10/10 slides · 53 hits — 0/10 slides
— 0/10 slides
60% 6/10 slides 100% 10/10 slides — 0/10 slides
The Struggle 20 slides 100% 20/20 slides 100% 20/20 slides · 140 hits — 0/20 slides
— 0/20 slides
90% 18/20 slides 100% 20/20 slides 30% 6/20 slides The Victory 24 slides 100% 24/24 slides 100% 24/24 slides · 153 hits — 0/24 slides
— 0/24 slides
75% 18/24 slides 100% 24/24 slides 25% 6/24 slides Slide inventory
54 every slide · same image gating as the playbook
01
The slide uses a visual metaphor of a TV interface populated with negative 'channels' (e.g., 'Strong Sell Network', 'Over Valued') and includes imagery of rats front_matter
Open slide detailBeat · The Monster
05
Uses a table-based framework to list specific red flags for each category.diagnose_problem
Open slide detailBeat · The Monster
06
The slide uses a 'Lemon + Lime = Lemon Aid' metaphor to suggest the merger of two failing companies (lemons) does not create value.expose_contradiction
Open slide detailBeat · The Monster
08
Uses a chronological layout to contrast management statements with subsequent actual results.expose_contradiction
Open slide detailBeat · The Monster
09
The slide uses a table to demonstrate a mathematical impossibility in the company's reported financial data.expose_contradiction
Open slide detailBeat · The Monster
10
The slide uses a comparison table to establish credibility by citing past successful short campaigns.cite_precedent
Open slide detailBeat · The Monster
11
The slide uses a side-by-side comparison of two SEC filings to show the discrepancy in 'Other assets' and 'Other current liabilities'.expose_contradiction
Open slide detailBeat · The Struggle
13
Uses side-by-side comparison of earnings releases and presentation tables to show manipulation of 'Cash Flow' definition.expose_contradiction
Open slide detailBeat · The Struggle
14
Uses a mapping technique to link specific growth claims to critical assessments.expose_contradiction
Open slide detailBeat · The Struggle
15
Uses a series of CEO/CFO quotes to demonstrate a shift in narrative over time.expose_contradiction
Open slide detailBeat · The Struggle
16
Uses a callout-style timeline to contrast management statements over time.expose_contradiction
Open slide detailBeat · The Struggle
17
Uses a 'villain critique' style to frame management's explanation as 'rambling gobbledygook'.expose_contradiction
Open slide detailBeat · The Struggle
18
Uses a visual red-line connection to highlight the contradiction between 'Accelerating in 2019-2020' and 'slow in 2019'.expose_contradiction
Open slide detailBeat · The Struggle
20
Uses Grant Thornton guidance to frame the regulatory argument against the company's current reporting practice.expose_contradiction
21
Uses a call-and-response format to contrast management's past statements with current reality.expose_contradiction
22
Uses visual evidence (red boxes and lines) to connect website footer links to specific login pages.expose_contradiction
23
The slide uses a series of visual 'cards' to present evidence of organizational separation.expose_contradiction
24
Uses a red callout box to highlight the mathematical inconsistency in the company's financial reporting.expose_contradiction
25
Uses a timeline-style layout to contrast historical statements against later management commentary.expose_contradiction
26
Uses a bridge-style calculation to adjust reported Q3 2020 revenue.expose_contradiction
Open slide detailBeat · The Struggle
27
Uses red arrows to visually connect guidance quotes to actual result quotes.expose_contradiction
Open slide detailBeat · The Struggle
28
Uses red boxes to highlight specific text segments that contradict or omit information found in earnings calls.expose_contradiction
Open slide detailBeat · The Struggle
29
Uses red boxes to highlight declining growth rates and quotes from 10-K filings to emphasize the contradiction between seasonal expectations and actual performaexpose_contradiction
Open slide detailBeat · The Struggle
30
The slide uses red boxes to highlight the specific YTD comparison columns.expose_contradiction
Open slide detailBeat · The Struggle
31
Includes a red box annotation highlighting the -25% and -1% growth figures for Magnite.compare_peers
Open slide detailBeat · The Victory
32
The slide uses a callout box to highlight a specific risk factor and includes excerpts from credit agreements to demonstrate the shift from EBITDA-based covenanexpose_contradiction
Open slide detailBeat · The Victory
33
Uses a timeline-style comparison to show the failure of stated management strategy.expose_contradiction
Open slide detailBeat · The Victory
34
Uses a 'CEO Quote Contradiction' framework to undermine management's narrative.expose_contradiction
Open slide detailBeat · The Victory
35
The slide uses a Q&A format to undermine the 'bullish' narrative surrounding Magnite.expose_contradiction
Open slide detailBeat · The Victory
36
The slide uses a Q&A format to present negative sentiment regarding Magnite's competitive moat and sales force quality.illustrate_case
Open slide detailBeat · The Victory
37
The slide uses a Q&A format to present a negative customer sentiment regarding the company's value proposition.expose_contradiction
Open slide detailBeat · The Victory
39
Uses a combination of biographical data, a primary source excerpt, and a stock price chart to build a narrative of management incompetence/dishonesty.expose_contradiction
Open slide detailBeat · The Victory
40
Uses a 'before-after' style mapping of professional experience to stock performance and negative news events.name_villain
Open slide detailBeat · The Victory
42
Uses LinkedIn profile screenshots and stock performance charts to build a narrative of incompetence and past fraud.expose_contradiction
Open slide detailBeat · The Victory
43
The slide uses a comparison table to contrast Frankenberg's roles at AOL and Daw Technologies, emphasizing his failure to disclose the latter.expose_contradiction
Open slide detailBeat · The Victory
44
The slide features the Spruce Point Capital Management logo (the tree).front_matter
Open slide detailBeat · The Victory
45
Includes a screenshot of a Needham research report table and specific callouts highlighting calculation errors.expose_contradiction
46
The slide uses a 'Spruce Point Reality' callout to frame the contradiction between analyst claims and market reality.expose_contradiction
47
Uses a 'before-after' style layout to contrast current sentiment with past legal findings.expose_contradiction
48
Uses excerpts from legal filings to contrast private admissions with public analyst reports.expose_contradiction
49
Uses visual metaphors (golden goose vs. dog) to contrast company performance.expose_contradiction
50
The slide uses red 'sell' icons overlaid on a stock price line chart to visually correlate insider selling with price movements.expose_contradiction
51
The slide uses a table to contrast current market sentiment (analyst targets) with the activist's bearish thesis.compare_peers
Open slide detailBeat · The Victory
52
Uses Bloomberg terminal screenshots to highlight valuation divergence.expose_contradiction
Open slide detailBeat · The Victory
53
The table highlights Magnite's 23.9% sales growth and 13.6x forward sales multiple compared to peer averages.compare_peers
Open slide detailBeat · The Victory
54
The table calculates price targets based on 6.5x-8.5x revenue multiples, resulting in a 27-46% downside from the current price of $27.30.show_valuation_bridge
Open slide detailBeat · The Victory