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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": 7,
  "pageCount": 46,
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  "slideType": "valuation_table",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 45,
  "notes": "The slide uses a mix of market data and Spruce Point's own forensic analysis to argue that the company is overvalued.",
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      "kind": "callout",
      "text": "In our opinion, Weis Markets is a regional supermarket with limited differentiation from peers and struggling to adopt to the changing environment.",
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      "kind": "metric",
      "text": "Enterprise Value: $1,146.7",
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      "kind": "paragraph",
      "text": "In our opinion, Weis Markets is a regional supermarket with limited differentiation from peers and struggling to adopt to the changing environment. The Company holds no conference calls, has questionable financial statements, and unsustainable financial performance given aggressive and recent accounting changes made at year end 2017. Weis has the highest valuation in the supermarket sector despite declining organic growth and margins, poor return on capital, and is trading well above takeover premiums in the supermarket sector.",
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      "text": "Source: Company filings and Spruce Point research\n1) Based on our forensic analysis",
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      "text": "Capital structure and valuation metrics table",
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      "kind": "title",
      "text": "Weis' Capital Structure And Valuation",
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    {
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The deck presents various data points that highlight the potential downside risk of not short selling Weis Markets.",
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