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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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      "text": "Current investors are paying a premium to the Company’s historical valuation. In addition, we believe the fundamental valuation of Aerojet is substantially higher than it appears given numerous off-balance sheet liabilities being ignored by the market and diminishing revenue programs.",
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      "text": "Source: AJRD Financial Statements, Bloomberg, Spruce Point Adjustments",
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