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  "documentTitle": "athenahealth, Inc. (ATHN)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2014-05-05 00:00:00",
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  "notes": "The slide uses a line chart to visualize the margin expansion and text to argue that the 30% figure is unrealistic.",
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      "kind": "callout",
      "text": "13% margins by 2020 up from 10% currently despite spending to develop and market new products and services",
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      "kind": "callout",
      "text": "10 years of margin expansion to 30% in 2030",
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      "kind": "callout",
      "text": "30% margins are not. And it is this assumption that drives the bulk of the DCF-derived value.",
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      "text": "Morgan Stanley Forecast Non-GAAP EBIT Margin",
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      "text": "EBIT margin: 30%",
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      "kind": "paragraph",
      "text": "Now, let's talk about Morgan Stanley's EBIT before stock-based compensation margin assumption. Morgan Stanley's report goes for 22 pages detailing its analysis of the addressable market, and athena's revenue opportunity.",
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      "text": "And then without a word of explanation it plugs in a 30% EBIT margin assumption in 2030. Morgan Stanley's predicted near-term EBIT ramp from about 10% today to 13% at the end of the decade is possible. 30% margins are not. And it is this assumption that drives the bulk of the DCF-derived value.",
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      "text": "Source: Morgan Stanley & Co. estimates as provided to Greenlight in April 2014.",
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