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  "documentTitle": "Aerojet Rocketdyne Holdings, Inc. (AJRD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-04-09 00:00:00",
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  "notes": "Uses red boxes and blue lines to visually connect contradictory data points across different financial sources.",
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      "kind": "callout",
      "text": "Cash Conversion Solid. Cash flow from ops in 2018 of $253MM increased from $213MM a year ago...",
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      "kind": "paragraph",
      "text": "Spruce Point believes that the market is fundamentally miscalculating the enterprise value of Aerojet by ignoring the deep in-the-money convert value, along with significant liabilities overhanging the business (tax, environmental, unfunded pension).",
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      "text": "Source: Bloomberg, Jefferies, SunTrust, Yahoo Finance",
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      "text": "Enterprise Value calculation table showing 2017, 2018, and LTM figures.",
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      "text": "The Market Incorrectly Values Aerojet By Ignoring Key Liabilities",
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