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Spruce Point Capital Management · activist-deck

Super Group (SGHC) Limited (SGHC)

16 pages · 4 arc beats · 2 loops

Activist-Deck Download JSON
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Super Group (SGHC) Limited (SGHC)

Spruce Point Capital Management · 2026-02
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 1
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

4
coverage by narrative range · generated from this deck JSON
Narrative range 18 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Expose Contradiction 9 slides 100% 9/9 slides 100% 9/9 slides · 66 hits
— 0/9 slides
— 0/9 slides
100% 9/9 slides 100% 9/9 slides · 14 hits 44.4% 4/9 slides Cite Precedent 2 slides 100% 2/2 slides 100% 2/2 slides · 14 hits
— 0/2 slides
— 0/2 slides
100% 2/2 slides 100% 2/2 slides
— 0/2 slides
Executive Summary 1 slides 100% 1/1 slides 100% 1/1 slides · 6 hits
— 0/1 slides
— 0/1 slides
100% 1/1 slides 100% 1/1 slides
— 0/1 slides
Valuation Table 6 slides 100% 6/6 slides 100% 6/6 slides · 41 hits
— 0/6 slides
— 0/6 slides
100% 6/6 slides 100% 6/6 slides · 11 hits 16.7% 1/6 slides

Slide inventory

16
every slide · same image gating as the playbook
01
Slide 1
The slide uses a visual metaphor of a betting interface to question the accuracy of the company's financial statements.front_matter
Open slide detail
02
other
Open slide detail
03
Includes a stock chart with an annotation pointing to the report date.cite_precedent
Open slide detailBeat · Cite Precedent
04
The slide uses a stock chart to visually anchor the 'Successful Outcome' of a previous activist short report.cite_precedent
Open slide detailBeat · Cite Precedent
05
The slide uses a yellow background to highlight the core argument of financial misstatement.diagnose_problem
Open slide detailBeat · Executive Summary
06
The slide uses direct quotes from company filings to expose the contradiction between management's claims of remediation and the recurring nature of the weaknesexpose_contradiction
Open slide detailBeat · Expose ContradictionLoop · Zoom In
07
The organizational chart is intentionally rendered at a scale that makes individual entities unreadable, reinforcing the 'complexity' narrative.expose_contradiction
Open slide detailBeat · Expose ContradictionLoop · Zoom In
08
Uses visual callouts to point out the discrepancy between the 100% claim and the 89.29% reality.expose_contradiction
Open slide detailBeat · Expose ContradictionLoop · Zoom In
09
The slide uses a timeline and a document excerpt to highlight a discrepancy in financial reporting.expose_contradiction
Open slide detailBeat · Expose ContradictionLoop · Zoom In
10
Includes a detailed financial table and a specific callout box highlighting the $30.7M adjustment.expose_contradiction
Open slide detailBeat · Expose Contradiction
11
Uses a direct quote from a 6K filing to validate the activist's thesis.expose_contradiction
Open slide detailBeat · Expose Contradiction
12
Includes a direct quote from a former director to support the thesis of asset duplication.expose_contradiction
Open slide detailBeat · Expose Contradiction
13
The slide uses a timeline table to support the thesis of financial engineering.expose_contradiction
Open slide detailBeat · Expose Contradiction
14
The slide uses a combination of a timeline table and a financial table to demonstrate questionable strategic rationale.expose_contradiction
Open slide detailBeat · Expose Contradiction
15
The slide uses a valuation bridge to arrive at an implied stock price range, comparing it to the current price to calculate potential downside.show_valuation_bridge
Open slide detailBeat · Valuation TableLoop · Cost Of Inaction
16
Includes a table overlaying the chart detailing revenue misses/surprises for 2024.diagnose_problem
Open slide detailLoop · Cost Of Inaction