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  "docSlug": "915e98b3b4e2",
  "documentTitle": "Credit Acceptance Corporation (CACC)",
  "authorId": "52_Citron_Research",
  "authorName": "Citron Research",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-03-01 00:00:00",
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      "text": "The discount evaporates not gradually but in the snap of an analyst upgrade cycle that is only just beginning.",
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      "text": "Q1 2026 earnings... Investor Day... 2025 vintage data... Securitization spreads... Buyback momentum",
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      "text": "2026E EPS: $44.62",
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      "text": "CACC traded as a legal story for three years. The NYAG was an existential threat. The CFPB signaled federal escalation. Multiple expansion was impossible while those clouds sat overhead — and the market was right to apply a discount.",
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      "kind": "paragraph",
      "text": "Wall Street compliance departments flag pariah stocks. Analysts with negative initiation reports quietly shift to neutral before going positive. This institutional inertia is the opportunity. The re-rating has started. It is nowhere near done.",
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      "text": "Scenario analysis table showing multiples, 2026E EPS, Fair Value, and Upside for Bear, Base, Pre-Litigation, and Full Tech Re-rating cases.",
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      "kind": "title",
      "text": "The Discount Is Gone. The Market Hasn't Noticed.",
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