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  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-01-23 00:00:00",
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  "notes": "The table highlights the specific adjustments made by Spruce Point (POC, Software Development Costs, and Taxes) to arrive at lower earnings estimates.",
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      "text": "With any potential inorganic growth offset by measured organic contraction, we estimate that top-line growth will be flat through FY 2020, and see normalized earnings 27% less than consensus due to our three key adjustments (POC, Software Development Costs and Taxes).",
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      "text": "EPS: -27.3%",
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      "text": "With any potential inorganic growth offset by measured organic contraction, we estimate that top-line growth will be flat through FY 2020, and see normalized earnings 27% less than consensus due to our three key adjustments (POC, Software Development Costs and Taxes).",
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      "kind": "source-note",
      "text": "1) Per our prior analysis, DOX consistently manufacturers net tax benefits of approximately $60m which we do not see as a continuing and repeatable source of core earnings benefits",
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      "text": "Financial comparison table for FY 2019 and FY 2020",
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      "kind": "title",
      "text": "Spruce Point Sees ~25% Downside To Street EPS Estimates",
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