{
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 95,
  "pageCount": 98,
  "prevPage": 94,
  "nextPage": 96,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 180,
  "notes": "The slide argues that Carvana is mispriced because it is being compared to the wrong peer group.",
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  "slideHref": "/slides/019dd923-622c-750b-8b98-98685acdea95/95",
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      "kind": "callout",
      "text": "CVNA should trade in-line with other auto dealers, not asset-light auto e-commerce sites.",
      "attrs": null,
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      "kind": "metric",
      "text": "Enterprise Value / Sales: 746%",
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      "componentId": "019dd952-ee35-7258-b4d5-bbdf587e03c4",
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      "kind": "paragraph",
      "text": "CVNA trades much more like an e-commerce firm than an auto dealer – yet its business model is much closer to that of other auto dealers. Carvana buys vehicles, maintains inventory, manages a logistics network, originates loans, etc. – much like a traditional auto dealer. Other auto sales sites like CarGurus are simply lead-generation businesses and maintain no inventory of their own. While both are “auto e-commerce” sites, their business models are so different that they cannot be considered good comps.",
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      },
      "kind": "source-note",
      "text": "Source: Company financials, and Bloomberg Consensus estimates",
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      "kind": "table",
      "text": "Valuation comparison table of Car Dealers vs. E-commerce firms vs. Carvana",
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      "kind": "title",
      "text": "Carvana Trades In-Line With Asset-Light E-Commerce Firms, Not Auto Dealers",
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      "matchId": "ae378dcd-4962-4f95-bbfa-c52db0df62ea",
      "evidence": "The slide explicitly compares two peer groups to argue for a re-rating of the subject company.",
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  "arcBeats": [
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The deck concludes with a clear victory for Spruce Point, with a reiteration of downside risk in CVNA.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
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  "loops": [
    {
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      "from": 90,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "41e4cee6-eb3e-46a9-acbd-b6f915caa151",
      "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",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
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