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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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  "pageNumber": 8,
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  "notes": "This is a classic activist short thesis slide, combining governance red flags (CEO resignation, insider selling) with valuation concerns.",
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      "text": "If Kornit received a multiple closer to printing and computer equipment peers, and our concerns about Amazon come to fruition, it's easy to justify a price target of $4.50 – $9.30 or 75% – 85% downside risk.",
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      "text": "Analysts raised price targets. Current target of $28 leaves no upside. Valuation at all-time high vs peers. Multiples are 5.6x, 5.8x, 182x vs peer 4.4x, 4.0x, 80x. Amazon expansion risk. Downside target $4.50 - $9.30.",
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      "text": "Kornit's second biggest customer, Cimpress NV (Nasdaq: CMPR) revealed severe pressure. Kornit conceals exposure. Kornit's CEO resigned abruptly in 2018. New CEO revenue goals are optimistic. Earliest shareholder sold all stock. CTO resigned. Distributor acquisition signals strain.",
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      "text": "downside risk: 75-85%",
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      "text": "Kornit's Share Price Offers A Terrible Risk / Reward",
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      "kind": "paragraph",
      "text": "Other Concerning Aspects Of The Kornit Growth Story",
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      "kind": "title",
      "text": "Spruce Point Believes Digital (Nasdaq: KRNT) Is A \"Strong Sell\"",
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