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  "docSlug": "1c836eeb374c",
  "documentTitle": "Monolithic Power Systems (MPWR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-10-09 00:00:00",
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  "pageNumber": 91,
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  "notes": "The slide highlights that MPWR trades at a premium multiple compared to its peers, which the author argues is based on faulty assumptions.",
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      "text": "We believe the market ascribes a premium multiple to MPWR based on faulty assumptions about it business; notably, that it has takeout potential, and a defensible, low cost business model that is durable enough to withstand cyclical economic and competitive pressures.",
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      "text": "P/E: 36.9x",
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      "text": "We believe the market ascribes a premium multiple to MPWR based on faulty assumptions about it business; notably, that it has takeout potential, and a defensible, low cost business model that is durable enough to withstand cyclical economic and competitive pressures. The market also believes that MPWR can grow revenues at a premium to the semiconductor industry next year at 19.1% vs the industry's 5.6% average growth. We do not believe these projections are realistic.",
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      "text": "Source: Company financials, Bloomberg consensus estimates",
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