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  "documentTitle": "Axon Enterprise (formerly TASER) (AAXN)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-06-19 00:00:00",
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  "notes": "The slide uses a bulleted list to deconstruct the market's bullish thesis and replace it with a bearish valuation.",
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      "kind": "callout",
      "text": "Factoring in the excess cash, we estimate a price target of $27.50 – $40.00 (40% - 60% downside)",
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      "text": "Analysts have bought into the narrative that Axon is a superior “razor / razor blade” model... we don't believe that Axon is worthy of its super valuation of 7.4x, 46x, 65x 2019E sales, EBITDA and EPS, respectively",
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      "text": "We believe a majority of the brokers pitch Axon’s stock to retail investors. Sophisticated institutional investors have been selling shares over time, side-by-side with insiders",
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      "text": "Analysts' average price targets for Axon is $72.30... A majority of analysts (9) are bullish, but there are five (5) that are neutral... Four (4) brokers fail to offer a price target",
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      "text": "Factoring in the excess cash, we estimate a price target of $27.50 – $40.00 (40% - 60% downside)65",
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      "text": "Meanwhile a key executive and Board member recently departed... Axon’s EVP of World Wide Products... Brett Taylor, Chairman of Axon’s Technology Committee... also just resigned",
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      "text": "Many analysts fail to look at Axon’s two distinct businesses... Taser: We view Taser as a mature business, and give an 7x-9x multiple of 2020 EBITDA... Software and Sensors: ...value this segment at a discount to SaaS peer multiples at 3.5x – 5.5x 2020 sales.",
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      "text": "downside risk: 40% - 60%",
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      "kind": "paragraph",
      "text": "Terrible Risk / Reward At The Current Share Price:",
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      "text": "Spruce Point Sees 40% - 60% Downside Risk",
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