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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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      "text": "By applying a discounted multiple range to our adjusted enterprise value and financial results, we derive a price target of $13.00 - $20.00 (40% - 60% downside) including entitled land value",
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      "text": "Potential Stock Sales A Near-Term Catalyst: 6 Million+ Reasons Not To Own Aerojet While Selling Pressure Overhangs",
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      "text": "AJRD Rated B+/Ba3 by S&P/Moodys: On the surface Net Debt / 19E EBITDA is -0.3x, but with our adjustments, it is closer to 5.1x",
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      "text": "Follow the money: Many long-term owners are consistently selling stock and reducing ownership.",
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      "text": "Analysts Are Currently Split on AJRD (2 Buys / 2 Holds) With An Average Price Target of $41, Implying 20% Upside",
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      "text": "Expensive Valuation And Highly Levered While The Market Ignores ~$900m of Liabilities And Disappearing Revenue Programs",
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      "text": "downside: 40-60%",
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      "text": "Spruce Point Believes Aerojet Rocketdyne (NYSE: AJRD) Is A \"Strong Sell\"",
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