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  "documentTitle": "Vitesco Technologies (VTSC)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2023-05-09 00:00:00",
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  "notes": "The slide defines 'profitless tech' as companies with >$2.5B market cap, no history of profitability, expected to be unprofitable in 2023, and profitable in 2025.",
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      "text": "They trade at about 3.3x 2025 revenue and very fancy multiples of 2025 profits.",
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      "text": "We ran a screen for US and European companies with a market cap over $2.5 billion that have been unprofitable but expect to be profitable by 2025. They trade at about 3.3x 2025 revenue and very fancy multiples of 2025 profits.",
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      "text": "Source: Bloomberg LP, retrieved May 4, 2023. \"Profitless tech\" companies are US and European companies that (1) have a market cap greater than $2.5 billion, (2) have no history of being profitable, (3) are expect to by unprofitable in 2023, and (4) are expected to be profitable in 2025 at an EPS and EBIT level.",
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      "text": "Table of 18 companies with columns for EV/Sales (2024E, 2025E), EV/EBIT (2025E), EBIT Margin (2025E), and Rev. CAGR (22-25E), plus Average and Median rows.",
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      "text": "Profitless Tech Comps",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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