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  "docSlug": "be8f2b4fd241",
  "documentTitle": "Weis Markets, Inc. (WMK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-09-05 00:00:00",
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  "notes": "The slide uses a peer benchmark table to argue that Weis Markets' suboptimal performance warrants a discount relative to industry M&A multiples.",
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      "text": "Given suboptimal financial performance, poor disclosures and governance, Weis should trade at a discount to M&A valuation benchmarks.",
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      "text": "EV/NTM EBITDA: 6.4x",
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      "kind": "paragraph",
      "text": "The acquisition of Whole Foods by Amazon (and entry into the Pharmacy market) has sent shockwaves in the supermarket industry. While not a representative valuation comparison for Weis, we analyzed recent regional acquisitions and find the average Sales, EBITDA and P/E multiple to be 0.3x, 6.4x, and 19.0x, respectively. However, Weis' 4.8% EBITDA margin is below the deal peer average of 5.2% and we also believe organic sales are declining low single digits. Given suboptimal financial performance, poor disclosures and governance, Weis should trade at a discount to M&A valuation benchmarks.",
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      "text": "Note: Next 12 month projects (NTM) per company proxy statement projections except for Save-A-Lot which are on a trailing LTM basis. 1) Same/Comparable-store sales metric reported by company at time of acquisition announcement",
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      "kind": "table",
      "text": "Table of 6 acquisitions with columns: Ann. Date, Buyer, Target/Ticker, Description, Deal Value, NTM Sales, NTM EBITDA, EV/NTM Sales, EV/NTM EBITDA, Price/NTM EPS",
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      "kind": "title",
      "text": "Comparable Acquisitions In The Supermarket Industry",
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