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  "docSlug": "92406204b1f4",
  "documentTitle": "FleetCor Technologies (FLT)",
  "authorId": "52_Citron_Research",
  "authorName": "Citron Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-06-01 00:00:00",
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  "notes": "The slide uses a comparison to the Valeant/Philidor scandal to frame the potential fallout for FLT.",
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      "text": "Much like Philidor did to Valeant, this could be the straw that breaks the camel’s back as regulators are finally able to take action against the company’s infamous billing practices.",
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      "text": "The potential resignation of CEO Ronald Clarke; Significant multiple contraction; Loss of customers; Massive fines; Civil litigation; Exposing the weakness in underlying core business; Material slowdown in growth; Regulatory scrutiny of its entire business model",
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      "kind": "metric",
      "text": "Downside (%): -56.5%",
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      "text": "Much like Philidor did to Valeant, this could be the straw that breaks the camel's back as regulators are finally able to take action against the company's infamous billing practices.",
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      "text": "FLT Consensus 2019 EBITDA Estimate $1,518; Clean Advantage EBITDA $125; FLT 2019 Ex. Clean Advantage EBITDA $1,393; Multiple 10.0x; FLT Enterprise Value $13,930; Net Debt $3,457; Liability (Paying Back Fees) $500; FLT Equity Value $9,973; Shares Outstanding 90; FLT Price Target $110.81; FLT Current Price $255.00; Downside (%) -56.5%",
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      "text": "The \"Clean Advantage\" Fallout",
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