{
  "docId": "019dd923-622c-750b-8b98-aa28094dc4c9",
  "docSlug": "8dad2ca06fc6",
  "documentTitle": "Kornit Digital Ltd. (KRNT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-05-07 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 60,
  "pageCount": 60,
  "prevPage": 59,
  "nextPage": null,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 32,
  "notes": "The slide uses a valuation bridge approach to justify a significant downside based on normalized revenue and cash flow expectations.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "valuation_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-aa28094dc4c9/60",
  "deckHref": "/decks/019dd923-622c-750b-8b98-aa28094dc4c9",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-aa28094dc4c9.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-aa28094dc4c9#slide-60",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Given our concerns about the reliability of Kornit's financials, we believe the most conservative way to value the Company is on its revenues and cash flow, both of which we believe will normalize for the large Amazon contribution in 2018.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-854c-a3a80f3bde8d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Price Target: $4.50-$9.30",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-854c-a7397efdbea6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Given our concerns about the reliability of Kornit’s financials, we believe the most conservative way to value the Company is on its revenues and cash flow, both of which we believe will normalize for the large Amazon contribution in 2018. In addition, we believe the Company’s multiple will be re-priced as it realizes that Kornit’s 20%+ revenue growth has never resulted in material cash generation for investors.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "87761780-b1f5-4d23-a297-fc13b96fe9f4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.03,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Note: Downside Based on $28.14 share",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "095ec05d-2319-45e5-83d1-cd4dcb67dcf3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.94,
        "x": 0.03,
        "y": 0.33
      },
      "kind": "table",
      "text": "Valuation table showing Sales Multiple and Operating Cash Flow Multiple scenarios.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1acb9568-dc89-4111-b340-9b1ccaa72658",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.3,
        "y": 0.05
      },
      "kind": "title",
      "text": "Spruce Point Estimates 75% – 85% Downside",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "621de2b4-2510-4bcd-b056-1626837d75a3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation-table",
      "slug": null,
      "matchId": "c89d294a-2348-4d86-a53d-875b4856653f",
      "evidence": "The slide presents a structured valuation analysis using multiple scenarios.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 60,
      "from": 41,
      "beatId": "04dace6a-2451-4da0-a6cd-b15e5a50904e",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Resolution",
      "beatSlug": "mountain-resolution",
      "evidence": "Slides 41-60 provide further evidence of Kornit's challenges, valuation concerns, and downside risks.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}