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  "documentTitle": "Premier, Inc. (PINC)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-09-25 00:00:00",
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  "notes": "The table uses a standard financial modeling structure to derive share price and downside percentage from varying shareback assumptions.",
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      "text": "In a base-case scenario in which member owner sharebacks gradually rerate close to the average market rate, and in which PINC’s FY22 EV/EBITDA multiple contracts by ~35% as the economics of the business are reset, Spruce Point sees close to 70% downside in PINC shares.",
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      "text": "share price: -69.6%",
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      "text": "In a base-case scenario in which member owner sharebacks gradually rerate close to the average market rate, and in which PINC's FY22 EV/EBITDA multiple contracts by ~35% as the economics of the business are reset, Spruce Point sees close to 70% downside in PINC shares. We believe that PINC shares have anywhere from 55%-75% downside depending on the extent to which the shareback rerates up front. The downside could be far worse should PINC lose member hospitals to competing GPOs in addition to having to raise its shareback to member owners.",
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      "text": "1. Assumes Gross Admin Fee growth in line with consensus revenue growth estimates. Spruce Point Net Debt includes Operating Leases and TRA liabilities.",
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