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  "documentTitle": "Cintas Corp. (CTAS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-11-13 00:00:00",
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  "notes": "Includes footnotes regarding specific deal adjustments.",
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      "text": "We’ve reviewed comparable acquisitions in the uniform rental and services space. Transaction multiples suggest businesses in this sector should be valued at approximately 1.8x and 9.5x sales and EBITDA.",
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      "text": "We’ve reviewed comparable acquisitions in the uniform rental and services space. Transaction multiples suggest businesses in this sector should be valued at approximately 1.8x and 9.5x sales and EBITDA.",
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      "text": "Source: Deal Announcements 1) G&K multiple based on 2017E figure from deal proxy 2) EV adjusted for $150m transaction tax benefit",
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      "text": "Table of 7 transactions with columns: Announced, Acquiror, Target, Description, Deal Value, Est. Sales, Est. EBITDA (margin), EV/Sales, EV/EBITDA",
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      "text": "Comparable Acquisitions In The Uniform and Commercial Service Space",
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