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  "docSlug": "49a0a0f158f5",
  "documentTitle": "Premier, Inc. (PINC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-25 00:00:00",
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  "pageNumber": 24,
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  "slideType": "valuation_table",
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  "density": "dense",
  "nDataPoints": 40,
  "notes": "The slide uses a 'before-after' comparison table to demonstrate the financial impact of a hypothetical structural change in member owner sharebacks.",
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      "kind": "callout",
      "text": "With Premier currently structurally overearning the rest of the GPO universe due to its unique post-IPO structure, Company economics will inevitably readjust to reflect market-sustainable terms once member owner hospitals are free to demand market-level sharebacks.",
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      "text": "If all of Premier's member owner hospitals were to demand and receive a market-rate shareback beginning in FY22 – the earliest point at which their current terms could be amended – consensus sales estimates for FY22-23 would fall by 26%, and EBITDA estimates would be cut by more than half.",
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      "text": "EBITDA, Adj.: -56.3%",
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      "text": "If all of Premier's member owner hospitals were to demand and receive a market-rate shareback beginning in FY22 – the earliest point at which their current terms could be amended – consensus sales estimates for FY22-23 would fall by 26%, and EBITDA estimates would be cut by more than half.",
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      "kind": "source-note",
      "text": "1. Assumes Gross Admin Fee growth in line with consensus revenue growth estimates",
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      "text": "Financial impact table comparing consensus (30% shareback) vs rerated (66% shareback) for FY22 and FY23.",
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      "kind": "title",
      "text": "Premier Economics Completely Transform Upon Comprehensive FY22 Shareback Rerating",
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      "evidence": "The table explicitly compares a baseline scenario (30% shareback) with a proposed rerated scenario (66% shareback) to show the delta.",
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