{
  "docId": "019dd923-622c-750b-8b98-694e98f1b555",
  "docSlug": "e144e98ebdb8",
  "documentTitle": "U.S. Concrete Inc (USCR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-05-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 44,
  "pageCount": 48,
  "prevPage": 43,
  "nextPage": 45,
  "slideType": "valuation_table",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 18,
  "notes": "The charts compare current valuation multiples against a historical average line, suggesting the company is overvalued.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-694e98f1b555/44",
  "deckHref": "/decks/019dd923-622c-750b-8b98-694e98f1b555",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-694e98f1b555.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-694e98f1b555#slide-44",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Current investors are paying a significant premium to the Company’s historical valuation – and that is on the Company’s suspect adjusted metrics taking them at face value.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5371-75ed-83d7-a1e44a96396b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.33,
        "x": 0.017,
        "y": 0.408
      },
      "kind": "chart",
      "text": "Enterprise Value / Revenues",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "56838ff0-5ad7-4e0c-92f8-1768f6ccb9ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.273,
        "x": 0.363,
        "y": 0.408
      },
      "kind": "chart",
      "text": "Enterprise Value / Adj EBITDA",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a07bc4a-5261-4f3e-9dd7-49c535ff6937",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.33,
        "x": 0.653,
        "y": 0.408
      },
      "kind": "chart",
      "text": "Price / Adj EPS",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a757e310-e0f5-4a07-8936-ad7ed3654287",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "valuation multiples",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5371-75ed-83d7-a66fd4f60e65",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.115,
        "w": 0.966,
        "x": 0.017,
        "y": 0.198
      },
      "kind": "paragraph",
      "text": "Current investors are paying a significant premium to the Company's historical valuation – and that is on the Company's suspect adjusted metrics taking them at face value. Spruce Point finds it difficult to justify USCR's valuation in light of its suspect financial practices, low/no organic growth, and struggling roll-up.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "84913439-f8d9-4459-bc33-cd9a27e8e277",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.208,
        "x": 0.017,
        "y": 0.81
      },
      "kind": "source-note",
      "text": "Source: USCR Financial Statements",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2bfb33be-0afa-4280-b757-5cf69b7fe52d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.398,
        "x": 0.315,
        "y": 0.045
      },
      "kind": "title",
      "text": "Irrational Valuation Expansion",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50a08ed2-5cef-4b87-b122-4fcaffdae021",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 48,
      "from": 41,
      "beatId": "06881d26-3572-4726-8277-b309800ce984",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": null,
      "evidence": "The document concludes with a clear valuation and price target",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 48,
      "from": 41,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "562a7431-98ed-4d59-81b0-30be0e7693ea",
      "evidence": "The document concludes with a clear valuation and price target, emphasizing the potential downside risk",
      "position": 1,
      "objective": "Highlight the cost of inaction for investors",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}