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  "docSlug": "40344b686c65",
  "documentTitle": "Houghton Mifflin Harcourt (HMHC)",
  "authorId": "27_Engine_Capital",
  "authorName": "Engine Capital",
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  "presentationDate": "2022-03-22 00:00:00",
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  "notes": "The slide uses two bar charts to demonstrate that the offer price is undervalued relative to the company's cash flow generation potential.",
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      "text": "At $21 per share, Veritas is buying the Company for 7.6x 2024 unlevered free cash flow, a multiple that is too low for a business with the positive characteristics of HMHC.",
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      "text": "Forward EV / Unlevered Free Cash Flow (including cumulative cash flow generation)",
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      "text": "Forward EV / Unlevered Free Cash Flow: 7.6x",
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      "text": "At $21 per share, Veritas is buying the Company for 7.6x 2024 unlevered free cash flow, a multiple that is too low for a business with the positive characteristics of HMHC. If we include the free cash flow generated over time, Veritas is only paying 6.2x 2024 unlevered free cash flow",
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      "kind": "source-note",
      "text": "Source: Company's Schedule 14D-9, filed on March 7, 2022",
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      "text": "The $21 per share offer undervalues Houghton Mifflin",
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