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  "documentTitle": "Carvana Co. (CVNA)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-01 00:00:00",
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  "notes": "The slide uses a bear-case valuation approach to argue that Carvana is significantly overvalued compared to peers like CarMax and Truecar.",
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      "text": "Applying a generous 0.5x to 0.75x EV/2019E sales, we estimate that CVNA shares have 50%-70% downside from current levels.",
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      "text": "Spruce Point Sees 50%-70% Downside In CVNA At The Very Minimum",
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