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  "docId": "019dd923-622c-750b-8b98-8243e1c3d26d",
  "docSlug": "be8f2b4fd241",
  "documentTitle": "Weis Markets, Inc. (WMK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-09-05 00:00:00",
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  "pageNumber": 43,
  "pageCount": 46,
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  "slideType": "valuation_table",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 120,
  "notes": "The slide uses red boxes to highlight Weis' negative organic sales growth and high valuation multiples relative to the peer group.",
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      "kind": "callout",
      "text": "We use our organic sales growth calculation as proxy for true SSS. Given Weis opened only 1 net store in 2017, we believe it is an accurate reflection. Weis ranks the second worst in the industry next to Supervalu",
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      "kind": "callout",
      "text": "Weis is currently the highest valued regional supermarket on P/E and EBITDA despite negative organic growth, aggressive accounting and poor governance and disclosures",
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    {
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      "kind": "metric",
      "text": "P/E: 31.4x",
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      "toolName": "Quantification",
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      "kind": "paragraph",
      "text": "Weis' valuation premium to peers is not warranted given its declining organic revenue and earnings growth, poor governance and disclosures practices.",
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      "kind": "source-note",
      "text": "1) Supervalu's SSS metric is for its retail operation. Ahold Delhaize is weighted average of Ahold USA and Delhaize America. All other SSS are excluding fuel sales for an apples-to-apples comparison with Weis\nSource: Bloomberg and Wall St Consensus Estimates, Spruce Point Research For Weis Markets",
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      "kind": "table",
      "text": "Peer valuation table including Stock Price, Ent. Value, SSS, Sales/EPS Growth, LTM FCF, P/E, EV/EBITDA, EV/Sales, Price/Book, Net Debt/EBITDA, and Div. Yield.",
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      "kind": "title",
      "text": "Unwarranted Premium Valuation",
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