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  "documentTitle": "Aerojet Rocketdyne Holdings, Inc. (AJRD)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2019-04-09 00:00:00",
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  "notes": "The table includes a 'Max', 'Average', and 'Min' row for the peer group, followed by Aerojet's current and 'Adjusted' valuation metrics.",
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      "text": "On face value, Aerojet's revenue and earnings growth are comparable with industry peers. This forms the basis that its valuation is also in-line or at a discount with peers. However, Spruce Point believes that Aerojet's enterprise value does not accurately reflect numerous liabilities, its financial results are inflated with aggressive accounting, and its projected financial results will materially disappoint the Street “consensus” view formed by just a few analysts.",
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      "text": "On face value, Aerojet's revenue and earnings growth are comparable with industry peers. This forms the basis that its valuation is also in-line or at a discount with peers. However, Spruce Point believes that Aerojet's enterprise value does not accurately reflect numerous liabilities, its financial results are inflated with aggressive accounting, and that its projected financial results will materially disappoint the Street “consensus” view formed by just a few analysts.",
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      "text": "Source: Company filings, Wall St and Spruce Point estimates",
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      "text": "Aerojet Trading At An Unjustified Premium To Its Peers",
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