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  "documentTitle": "Carvana Co. (CVNA)",
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  "presentationDate": "2019-03-01 00:00:00",
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      "text": "If valued at 0.5x to 0.75x NTM revenue, shares in Carvana would be fairly priced at approximately $9.60 to $16.00, implying 50%-70% downside risk.",
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      "text": "Corporate Structure And Related-Party Deals Favoring Insiders: Class A shareholders hold just 5% of voting rights in Carvana. Class B shareholders control the remainder, with the Garcias' B shares controlling 90% of voting rights.",
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      "text": "Tech Analysts Don't Evaluate The Business Critically Enough: Sell-side firms are inconsistent in their categorization of Carvana; some assign it to retail or auto analysts, but some assign it to tech / business services analysts.",
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      "text": "Carvana's Dependence On Financing And Operational Missteps Could Make It A Time Bomb Waiting To Go To Zero: Carvana's recent practices relating to VSC sales and vehicle inspection practices may be in violation of consumer protection laws.",
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      "text": "Bull Market Economics: Eternally Bullish Analysts Embrace Carvana As A Tech Business, Not An Auto Dealer",
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      "text": "Carvana Trades Like An Asset-Light Tech Business: Carvana is trading close to 1.5x 2019E EV/Sales on the belief that 83% YoY growth will shrink its EBTIDA losses from -$189m to -$86m.",
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      "text": "Spruce Point Sees 50%-70% Downside In CVNA, And Up To 100% Downside In An Extreme Scenario",
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