{
  "docId": "019dd923-622c-750b-8b98-bbf01cbdce4e",
  "docSlug": "49a0a0f158f5",
  "documentTitle": "Premier, Inc. (PINC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-25 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 28,
  "pageCount": 29,
  "prevPage": 27,
  "nextPage": 29,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 34,
  "notes": "The slide uses a table of analyst ratings and price targets to demonstrate that the market's optimism is based on a flawed understanding of the company's long-term business model.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-bbf01cbdce4e/28",
  "deckHref": "/decks/019dd923-622c-750b-8b98-bbf01cbdce4e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-bbf01cbdce4e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-bbf01cbdce4e#slide-28",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point believes that this reflects the sell side's lack of understanding of the business' true underlying economics: analysts' price targets reflect a level of earnings power which the Company cannot sustain through the long-term.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0393-73a7-a0ad-dadaf22894e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Price Target: $42.76",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0393-73a7-a0ad-dec72c92ef2f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "With only half of analysts rating PINC a “buy,” the sell side is not overwhelmingly bullish on the stock, but it nonetheless assigns PINC an average price target of $42.76, 26% above current levels. Spruce Point believes that this reflects the sell side’s lack of understanding of the business’ true underlying economics: analysts’ price targets reflect a level of earnings power which the Company cannot sustain through the long-term. Accordingly, we impute little to no significance to the sell side’s implied upside in PINC shares. Analysts are valuing a business which, we believe, will not exist in its current form in three years’ time.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9ff724a7-92ad-49da-ab6b-fdb4e455e7ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.5,
        "x": 0.25,
        "y": 0.3
      },
      "kind": "table",
      "text": "Broker, Rating, Price Target table for PINC",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "decc8dae-0164-44b0-8a5f-f4135274151c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.305,
        "y": 0.025
      },
      "kind": "title",
      "text": "Misunderstanding Of Premier's Economics Results In Mispriced Shares",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "78d211ef-5930-4f0d-9eaf-c388af6c4c8b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "f52addcc-55ca-4750-8e5d-3d370a0051be",
      "evidence": "The slide explicitly challenges the consensus view of sell-side analysts to frame their bullishness as a misunderstanding of the company's true economics.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}