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  "documentTitle": "Mercury Systems Inc. (MRCY)",
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  "authorName": "Mercury Systems Inc.",
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  "notes": "The slide uses red bars to highlight Mercury's outlier status in all three metrics.",
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      "text": "Investors continue to ascribe an irrational valuation to Mercury despite its below average growth and poor cash conversion.",
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      "text": "Last FY Free Cash Flow Margin (Industry's Worst Cash Conversion)",
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      "text": "Enterprise Value / 2019E EBITDA (Industry's Highest Valuation, In Spite Of Everything)",
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      "text": "Source: Company financials, Bloomberg and Spruce Pt. estimates. Note: Esterline to be acquired by Transdigm. 1) Pro forma Mercury organic revenue growth takes consensus calendar year revenues and excludes $100m of revenues from Themis and Germane. Free cash flow is adjusted for $18.8m of factored receivables",
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