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  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "notes": "Includes a specific callout for CSG Systems as a comparable peer. The table includes 'Street' vs 'Spruce Pt. Adjusted' figures to demonstrate the valuation gap.",
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      "text": "We believe that DOX should not trade at a material premium to midcap technology and business process outsourcing (BPO) peers as a result of its opaque and complex structure, below avg growth, accounting and governance concerns.",
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