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  "docSlug": "97e66c73c118",
  "documentTitle": "Hill-Rom Holdings, Inc. (HRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-10-29 00:00:00",
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  "notes": "The table highlights the discrepancy between consensus and Spruce Point's adjusted EBITDA and valuation multiples.",
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      "text": "With sales growth from new products set to plateau and margin expansion opportunities largely exhausted, we believe that Hill-Rom growth and earnings will underperform sell-side estimates.",
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      "text": "Value Per Share: $46.91",
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      "text": "With sales growth from new products set to plateau and margin expansion opportunities largely exhausted, we believe that Hill-Rom growth and earnings will underperform sell-side estimates. Taking this into account alongside our reversals of management’s EBITDA adjustments and our view of Company leverage, we see 25%-55% in HRC shares.",
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      "text": "1. Reflects repatriation tax-adjusted cash given 76.4% of cash and equivalents held abroad (per FY19 Q3 10-Q) facing 15.5% repatriation tax",
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      "text": "Spruce Point Sees 25%-55% Downside In HRC Shares",
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