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  "documentTitle": "Credit Acceptance Corporation (CACC)",
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  "authorName": "Citron Research",
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  "presentationDate": "2026-03-01 00:00:00",
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  "notes": "Includes a Gordon Growth Model justification and an EPS build-up table.",
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      "text": "The “overvalued on book” argument is not just wrong — it implies the stock is actually cheap on the correct framework.",
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      "text": "Return on Equity: 25%",
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      "text": "Bears will tell you CACC is expensive on price-to-book. This confuses the metric with the business. Price-to-book is meaningful for commoditized businesses with undifferentiated returns. CACC earns 25%+ ROE. At that return level, the Gordon Growth Model implies a fair P/B of 3–4x. CACC trades at roughly 2.5x book. The “overvalued on book” argument is not just wrong — it implies the stock is actually cheap on the correct framework.",
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      "text": "Metric comparison table between CACC and Peer Average across ROE, NIM, Opex/Revenue, and Float Reduction.",
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      "text": "EPS build-up table showing components for 2025A and 2026E.",
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      "kind": "title",
      "text": "The Book Value Argument Is the Wrong Metric.",
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      "text": "The EPS Build to $44.62",
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