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  "documentTitle": "Kornit Digital Ltd. (KRNT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-05-07 00:00:00",
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  "notes": "Includes a specific callout regarding the controlling shareholder (Fortissimo Capital) selling their stake.",
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      "text": "Kornit's valuation is rich for a commodity-type digital printing company, and analysts are overly optimistic that it can sustain 20%+ revenue growth while expanding EBITDA margins from 7.6% to 17.8%. With difficult Amazon revenue comps, a new CEO in place, and the resignation of its CTO, we are skeptical that these projections will materialize. Our skepticism seems shared with Fortissimo Capital, Kornit's controlling shareholder and earliest investor, that recently sold all its stock in December 2018 at $20.60 per share, or 26% below the current price.",
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      "kind": "callout",
      "text": "Kornit's valuation is rich for a commodity-type digital printing company, and analysts are overly optimistic that it can sustain 20%+ revenue growth while expanding EBITDA margins from 7.6% to 17.8%.",
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      "text": "EV / Adj EBITDA: 112.5x",
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      "text": "Source: Kornit financials, Bloomberg consensus, Spruce Point estimates and adjustments",
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      "text": "Detailed valuation and capital structure table comparing Street and Spruce Point estimates.",
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      "text": "Capital Structure And Valuation",
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