{
  "docId": "019dd923-622c-750b-8b98-98685acdea95",
  "docSlug": "11e962264b36",
  "documentTitle": "Carvana Co. (CVNA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 94,
  "pageCount": 98,
  "prevPage": 93,
  "nextPage": 95,
  "slideType": "precedent_table",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a table to expose a contradiction in how different analyst sectors value the same company.",
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  "components": [
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      "kind": "callout",
      "text": "We believe that auto-oriented analysts are much more likely to understand Carvana as a business than are tech or business services analysts, and believe that their lower valuations, while still excessive on the whole, are likely better-informed than those of their tech counterparts.",
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      "kind": "metric",
      "text": "Price Target: $55.70",
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      "toolName": "Quantification",
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      "kind": "paragraph",
      "text": "Importantly, we note that technology and internet analysts tend to assign a relatively higher price target to the stock, while auto analysts, “industrial technology” analysts, etc. tend to be more conservative in their valuations.",
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      "kind": "paragraph",
      "text": "Sell-side firms vary widely in how they assign CVNA to industry groups: some categorize it liberally as a “technology” or “business services” name, while others more appropriately group it with other auto-related stocks.",
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      "kind": "table",
      "text": "Table of analyst coverage, industry groups, recommendations, and price targets.",
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      },
      "kind": "title",
      "text": "A Used Auto Dealer Covered By Tech Analysts: Do They Understand The Business?",
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      "evidence": "Exposing the disconnect between analyst sector classification and valuation to undermine the bull case.",
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      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The deck concludes with a clear victory for Spruce Point, with a reiteration of downside risk in CVNA.",
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      "confidence": 0.8,
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  "loops": [
    {
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      "from": 90,
      "name": "Cost Of Inaction",
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      "evidence": "The deck presents various consequences of not taking action on CVNA's governance and financial concerns, including potential downside risk.",
      "position": 2,
      "objective": "To emphasize the consequences of not taking action on CVNA's governance and financial concerns",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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      "description": "Quantify what happens if the audience does nothing"
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