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  "documentTitle": "Kornit Digital Ltd. (KRNT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-05-07 00:00:00",
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  "notes": "The slide highlights the disconnect between Kornit's high valuation multiples (P/E, EV/EBITDA, EV/Sales) and its peer group averages.",
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      "text": "Kornit trades at a meaningful premium to direct digital printing peers it competes with, as well as its second largest print customer which is struggling, on the belief that its 20%+ revenue growth rate is sustainable and its margins are better than peers and will expand.",
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      "text": "P/E: 47.4x",
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      "text": "Kornit trades at a meaningful premium to direct digital printing peers it competes with, as well as its second largest print customer which is struggling, on the belief that its 20%+ revenue growth rate is sustainable and its margins are better than peers and will expand. We believe Kornit is set-up to miss these revenue growth expectations when it becomes apparent that the Amazon’s growth contribution cannot be sustained, and issues with Cimpress’ struggles flow through to Kornit.",
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      "text": "Source: Company financials and Bloomberg consensus estimates",
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      "text": "Peer comparison table including Stock Price, Enterprise Value, EBITDA/FCF Margins, Growth rates, and Valuation multiples.",
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      "text": "Extreme Valuation Disconnect",
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      "arcName": "Overcoming the Monster",
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