{
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  "docSlug": "d705389771f5",
  "documentTitle": "athenahealth, Inc. (ATHN)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-05-05 00:00:00",
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  "pageNumber": 36,
  "pageCount": 66,
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  "slideType": "valuation_reveal",
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  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "The slide uses a waterfall chart to bridge from a base case valuation to an adjusted valuation based on specific revenue and margin assumptions.",
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  "slideHref": "/slides/019dd923-622b-71dc-a6da-eab730ee09ab/36",
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      "text": "Our adjusted DCF value for the established ambulatory business is therefore $43 per share.",
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      "kind": "chart",
      "text": "Waterfall chart showing MS Ambulatory Base Case ($120) adjusted by Revs/Doc ($44) and 15% Peak Margin ($33) to reach Adjusted DCF ($43).",
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      "text": "DCF value per share: $43",
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      "text": "If we change the revenue per doctor to $36,600 and assume a peak margin of 15%, rather than Morgan Stanley's 30%, this reduces Morgan Stanley's base case DCF value for the Ambulatory business by an additional $33. Our adjusted DCF value for the established ambulatory business is therefore $43 per share. This represents a good, optimistic value for athena's established business.",
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      "kind": "source-note",
      "text": "Source: Morgan Stanley & Co. estimates as provided to Greenlight in April 2014 and Greenlight calculated adjustments to Morgan Stanley & Co. estimates. Greenlight's adjustments to Morgan Stanley's methods, factors, and calculations were in the sole discretion of Greenlight.",
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      "kind": "title",
      "text": "Further DCF adjustments",
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      "arcName": "Overcoming the Monster",
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      "evidence": "Slides 29-36 discuss the unsupported assumptions and flawed valuation",
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