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  "documentTitle": "iRobot Corp (IRBT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Management",
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  "presentationDate": "2014-05-20 00:00:00",
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  "notes": "The slide uses a side-by-side comparison to discredit the company's chosen peer group.",
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      "text": "However, just a month earlier in its Proxy Statement filed on April 2014, IRBT used a vastly different peer set to measure its performance!!",
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      "text": "Spruce Point Believes These Comps Are Weak",
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      "text": "Analysts and investors have difficulty finding a correct peer set to value IRBT because they suggest that it has no pure play robotics competitors. During its recent May 2014 Analyst Day, IRBT tried to define a peer set. Not surprisingly, IRBT believes a peer set with an average enterprise value of $5 billion and sales multiple of 4x is most appropriate...clearly IRBT is undervalued! However, just a month earlier in its Proxy Statement filed on April 2014, IRBT used a vastly different peer set to measure its performance!!",
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      "text": "Source: 2014 Analyst Day Presentation; 1. http://www.sec.gov/Archives/edgar/data/1159167/000115916714000012/a2014proxy.htm",
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      "text": "A Selection of iRobot Defined Peers",
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      "kind": "title",
      "text": "..To Convince Investors It Deserves A Dramatically Higher Stock Price",
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