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  "documentTitle": "Henry Schein, Inc. (HSIC)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-09-26 00:00:00",
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  "density": "dense",
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  "notes": "The slide uses a side-by-side comparison table to argue that Vets First Corp has a stronger growth story than the recently IPO'd Elanco.",
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      "text": "Vets First Corp will have both a stronger topline and EBITDA growth story versus Elanco.",
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      "text": "EBITDA growth: 33%",
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      "kind": "paragraph",
      "text": "Elanco Animal Health (NYSE: ELAN) was spun-out and IPO'ed by Eli Lilly & Co (NYSE: LLY) on September 20, 2018. Vets First Corp will have both a stronger topline and EBITDA growth story versus Elanco. We are in agreement with the Wall St. Journal recent assessment that “Animal-Health Stocks Will Continue to Shine” (2)",
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      "text": "\"Animal-Health Stocks Will Continue to Shine\" — Wall St. Journal",
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      "text": "Source: Bloomberg, Company Filings and Spruce Point Estimates (1) Spruce Point Estimates for both actual and estimated results for 2017 to 2020 (2) Wall St Journal “Animal-Heath Stocks Will Continue to Shine”, Sept 24, 2018",
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      "text": "Comparison table of Vets First Corp and Elanco Animal Health covering business description, financial metrics, and valuation.",
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      "kind": "title",
      "text": "Case Study: Last Week's Spin And IPO of ELAN Illustrates Investors Appetite For Pure-Play Animal Health Stocks",
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