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  "documentTitle": "Hill-Rom Holdings, Inc. (HRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-10-29 00:00:00",
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  "notes": "The slide uses a comparison table to contrast consensus estimates with Spruce Point's own estimates, highlighting a projected growth shortfall.",
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      "text": "Notably, with much of Hill-Rom's c-suite fairly new to the business, we believe that – with much of its long-term equity incentives locked up for several years at least – management has incentive to re-set expectations to manageable targets now...",
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      "text": "Notably, with much of Hill-Rom's c-suite fairly new to the business, we believe that – with much of its long-term equity incentives locked up for several years at least – management has incentive to re-set expectations to manageable targets now, rather than leave investors expecting Hill-Rom to hit unattainable goals.",
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      "text": "Projected Growth Shortfall vs. Consensus: -350bps",
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      "text": "With management set to announce its new three-year targets on its next earnings call, we believe that the Company may be preparing to re-set investor expectations for the business as new product growth begins to plateau...",
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      "text": "1. Organic Core Revenue excludes inorganic contributions from acquisitions through the past twelve months\n2. Assumes 32.5% of new product revenue cannibalizes / overlaps with existing business, and 67.5% is incremental",
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      "text": "Comparison table showing Consensus vs Spruce Point Estimate for FY19E-FY21E across revenue categories and growth metrics.",
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      "text": "New Long-Range Plan Will Disappoint Under More Realistic New Product Growth Projections",
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