{
  "docId": "019dd923-622c-750b-8b98-64474d65435b",
  "docSlug": "68bd393edc75",
  "documentTitle": "Kratos Defense & Security Solutions (KTOS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-03-16 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 44,
  "pageCount": 49,
  "prevPage": 43,
  "nextPage": 45,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "Uses red arrows to map specific line items in a valuation table to critical commentary boxes.",
  "elementsJson": [
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  "metadataConfidence": 1,
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  "slideHref": "/slides/019dd923-622c-750b-8b98-64474d65435b/44",
  "deckHref": "/decks/019dd923-622c-750b-8b98-64474d65435b",
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  "components": [
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      "bbox": null,
      "kind": "callout",
      "text": "Analyst blindly pencils in KTOS's ambitious 60% increase in EBITDA, though we have demonstrated its repeatedly failures to hit targets",
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      "subkind": null,
      "toolName": "Visual emphasis",
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      "kind": "list",
      "text": "Analyst blindly pencils in KTOS's ambitious 60% increase in EBITDA... So you award Kratos one of the highest multiples... Pie-in-the-sky math for everything you cannot value...",
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      "kind": "metric",
      "text": "stock price target: $15",
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      "toolName": "Quantification",
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      "kind": "paragraph",
      "text": "Sell-side analysts have amnesia when it comes to Kratos and its ability to hit its financial targets. As we’ve noted previously, the Company’s inability to consistently hit targets should give analysts skepticism not to take management’s targets at face value.",
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      "kind": "source-note",
      "text": "Source: Company Reports, FactSet, Canaccord Genuity estimates",
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      "kind": "table",
      "text": "Kratos Price Target Calculation table showing EBITDA, multiples, debt, and equity value components.",
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      "kind": "title",
      "text": "This Time Is Different Right?",
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      "beatName": "Solution",
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      "evidence": "The deck presents Spruce Point's solution, a strong sell rating with 40-70% downside risk.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
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  "loops": [
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      "name": "Cost Of Inaction",
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      "evidence": "The deck presents a comparison table showing Kratos' share price driven by passive index/ETF flows.",
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      "objective": "Highlight the risks of not selling Kratos",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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      "description": "Quantify what happens if the audience does nothing"
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