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  "docSlug": "15874954effa",
  "documentTitle": "XPO Logistics, Inc. (XPO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-12-13 00:00:00",
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  "pageNumber": 59,
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  "notes": "The slide highlights a subset of 'tiny acquisitions' with a red box and a warning note.",
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      "kind": "callout",
      "text": "Warning: The core of XPO formed around tiny acquisitions it paid virtually nothing for.",
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      "text": "EV/EBITDA: 7.4x",
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      "kind": "paragraph",
      "text": "As we've demonstrated, XPO has extracted no value (as measured by excess cash flow) from 17 acquisitions, while its two recent large deals have saddled it with bad debts, higher pension liabilities, and moved it toward greater capital intensity businesses. We do not see how XPO can conceivably trade at a valuation higher than the sum of its acquired parts.",
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      "kind": "source-note",
      "text": "Source: XPO, Bloomberg and Spruce Point estimates. 1) Based on gross transportation spend reported",
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      "kind": "table",
      "text": "Table of 17 acquisitions with columns: Ann Date, Acquisition, Enterprise Value, Revenues, EBITDA, EV/Revenues, EV/EBITDA",
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      "kind": "title",
      "text": "XPO: A Collection of Acquired Junk",
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      "arcName": "Overcoming the Monster",
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