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  "documentTitle": "MGP Ingredients, Inc. (MGPI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-01-12 00:00:00",
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      "text": "Loss of Diageo + failure to grow branded spirits will result in investors realizing that MGPI is nothing more than a commodity ingredient producer which should be valued at a 14x-16x P/E and 8x-9x EBITDA multiple",
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      "text": "Price Tgt.: $16-$21",
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      "text": "Spruce Point believes that 2017/18 could be a major re-set year for MGPI’s earnings and valuation. We believe the biggest catalyst will be loss of revenues associated with Diageo and a normalizing expectation of profits associated with selling whiskey and bourbon. Additional headwinds on the horizon include the loss of sales associated with Fibersym® whose patent expires in 2017.",
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      "kind": "title",
      "text": "Spruce Point Estimates 60% – 70% Downside",
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