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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": 46,
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  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "Uses a vertical list of red arrows to emphasize the negative points.",
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      "kind": "callout",
      "text": "Inflated valuation making Weis the most expensive supermarket in the United States for no obvious reason.",
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      "kind": "list",
      "text": "Poorly positioned regional supermarket... 15% to 20% higher than peers",
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      "kind": "list",
      "text": "Numerous violations by the Pennsylvania Bureau of Food Safety and the FDA for sanitary problems, including food contamination and pest control concerns",
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      "kind": "list",
      "text": "Negative unit store growth in 2018, including three undisclosed store closures. $101m capital spending plan announced in April 2018 necessary to drive maintenance and refurbishment to forestall market share loss and remain competitive",
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      "kind": "list",
      "text": "Recent financial results and stock performance being driven by aggressive accounting changes to cash flow, and a few one-time issues that made comparisons look easy in early 2018. These will become material headwinds in the coming quarters",
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      "kind": "list",
      "text": "Poor governance and investor communications include no conference calls, deficient SEC disclosures in our opinion, no alignment of employees with shareholders, and beholden to the Weis family to act for the public shareholders' best interest",
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      "kind": "list",
      "text": "Inflated valuation making Weis the most expensive supermarket in the United States for no obvious reason. Declining organic growth, gross margins, and poor returns on capital make Weis an unattractive target. It currently trades beyond any reasonable valuation multiple an acquirer would pay for the stock",
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      "kind": "list",
      "text": "Unreliable comparable store sales metrics as a result of vastly reduced disclosures, followed by frequent auditor changes. Recent Q2'18 metrics being qualified and bolstered by inclusion of estimated sales from July 4th. Underlying organic growth conservatively estimated to be down 2%",
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      "kind": "title",
      "text": "Summary of Bear Case on Weis Markets",
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