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  "documentTitle": "Cintas Corp. (CTAS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-11-13 00:00:00",
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  "notes": "The slide highlights that Cintas's valuation multiples (P/E, EV/EBITDA, Price/Book) are higher than the peer average despite similar growth and dividend profiles.",
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      "text": "Valuation of other commercial service and public safety companies suggests that Cintas is materially overvalued. Investors receive neither above market sales, earnings growth, or a dividend for Cintas’ valuation premium.",
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      "text": "Valuation of other commercial service and public safety companies suggests that Cintas is materially overvalued. Investors receive neither above market sales, earnings growth, or a dividend for Cintas' valuation premium.",
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      "text": "P/E: 31.8x",
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      "text": "Source: Company financials, Bloomberg consensus estimates",
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      "text": "Relative Valuation",
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