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  "documentTitle": "Mercury Systems Inc. (MRCY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Mercury Systems Inc.",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-17 00:00:00",
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      "text": "We believe the Street is structurally misunderstanding the magnitude of the cybersecurity-related costs that Mercury will face going forward, as well as the delays in revenue contract award opportunities it will face in its high-growth “command, control, communications, computers, and intelligence” (C4I) segment – expected to be a $100m business. Mercury does not even have a CISO at present, and only recently replaced its departed CIO.",
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      "text": "Price Target: -81%",
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      "text": "We believe the Street is structurally misunderstanding the magnitude of the cybersecurity-related costs that Mercury will face going forward, as well as the delays in revenue contract award opportunities it will face in its high-growth “command, control, communications, computers, and intelligence” (C4I) segment – expected to be a $100m business. Mercury does not even have a CISO at present, and only recently replaced its departed CIO.",
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      "text": "Source: Mercury information and Spruce Point estimates",
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      "text": "Valuation table showing Sales Multiple, EBITDA Multiple, and EPS Multiple scenarios.",
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      "kind": "title",
      "text": "Spruce Point Estimates 50%-60% Downside Risk",
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