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  "documentTitle": "Kratos Defense & Security Solutions (KTOS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2018-03-16 00:00:00",
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  "notes": "The slide argues that the valuation expansion is unjustified due to poor business performance metrics.",
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      "text": "Current investors are paying a significant premium to the Company's historical valuation. Spruce Point finds it difficult to justify Kratos' valuation expansion in light of its history of disappointment, unproven drone opportunities, questionable business practices, shrinking backlog, and rising cash burn.",
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