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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": 45,
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  "density": "balanced",
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  "notes": "The slide uses a P/E multiple valuation approach to justify a significant downside target.",
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      "kind": "callout",
      "text": "There is no way to justify Weis' current valuation in the context of its struggling financial performance, aggressive accounting changes inflating recent performance, declining disclosures, and terrible governance practices.",
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      "text": "downside: 45% - 65%",
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      "kind": "paragraph",
      "text": "There is no way to justify Weis' current valuation in the context of its struggling financial performance, aggressive accounting changes inflating recent performance, declining disclosures, and terrible governance practices.",
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      "text": "(1) Downside based on $46.10/sh",
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      "kind": "table",
      "text": "Valuation Method, Low Multiple, High Multiple, Note. Price/Earnings Multiple, 12.0x, 18.0x, Current regional supermarket chains trade in the public market around 14x 2018E EPS.",
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      "kind": "title",
      "text": "Spruce Point Estimates 45% – 65% Downside",
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      "name": "Quick Win Big Bet",
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      "evidence": "The deck presents a clear recommendation to short sell Weis Markets with a specific downside risk.",
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      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
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