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  "documentTitle": "Amdocs Limited (DOX)",
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  "authorName": "Ben Axler",
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      "text": "As we’ve demonstrated, Amdocs is at best a no-growth company, and at worst declining organically. If it received a multiple in-line with peers to reflect this reality at 1.0x-1.5x its share price would be approximately 21% to 45% lower.",
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      "text": "As we’ve demonstrated, Amdocs is at best a no-growth company, and at worst declining organically. If it received a multiple in-line with peers to reflect this reality at 1.0x-1.5x its share price would be approximately 21% to 45% lower.",
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      "text": "1) Assumes $47m JV loan, $43m NCI, $519m of cash and 136m blended projected shares o/s",
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      "text": "Spruce Point Sees 25% to 50% Downside To DOX – But Potentially More Going Forward",
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