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  "documentTitle": "Maxar Technologies (MAXR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-08-07 00:00:00",
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  "notes": "The slide uses a 'Fantasy vs. Reality' framing to discredit management guidance and analyst consensus.",
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      "kind": "callout",
      "text": "In our opinion, MAXR's 2018 Adj. EPS expectation of $4.75/sh is pure fiction. The Company has made numerous aggressive accounting choices that inflate its Non-IFRS results. Based on our forensic review, we estimate EBITDA and EPS are overstated by 17% and 79%, respectively",
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      "kind": "callout",
      "text": "In our opinion, MAXR’s 2018 Adj. EPS expectation of $4.75/sh is pure fiction. The Company has made numerous aggressive accounting choices that inflate its Non-IFRS results. Based on our forensic review, we estimate EBITDA and EPS are overstated by 17% and 79%, respectively",
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      "text": "EPS: -79%",
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      "text": "Reconciliation table showing adjustments from Analyst Consensus EBITDA ($718.0m) to Spruce Point Adjusted EBITDA ($597.3m) and finally to Spruce Point Adjusted EPS ($1.03).",
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      "text": "Spruce Point's Realistic View of MAXR's EBITDA And EPS vs. Fantasy View",
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