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  "documentTitle": "iRobot Corp (IRBT)",
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  "authorName": "Spruce Point Management",
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  "notes": "Includes patent value adjustments and debt/cash adjustments to arrive at equity value.",
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      "text": "We arrive at a price target range of $20 - $25 per share (20 – 40% downside).",
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      "text": "Price Target: $20 - $25",
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      "text": "We arrive at a price target range of $20 - $25 per share (20 – 40% downside). By applying an industry average P/E range of 14-16x 2015E EPS of $1.42 we arrive at a $20 - $23 per share range. On enterprise value to revenue and EBITDA valuation multiples (to current Wall St. estimates which we believe will prove overly optimistic), we derive a price range scenario of $21 - $28 per share. Our valuation even optimistically assumes IRBT’s patents have a value a $50 - $100m ($1.60 - $3.20/share) using a rule-of-thumb valuation of 5-10% of the home robotic’s total addressable market.",
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      "text": "1. IRBT estimates a $7bn global vacuum market, with robots penetrating 15% of the market",
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      "text": "Forward Looking Valuation: Dramatically Lower Price Scenarios",
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