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  "documentTitle": "Cintas Corp. (CTAS)",
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  "authorName": "Ben Axler",
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      "text": "60% - 75% Downside For A Sum-of-The-Parts Valuation of a Structurally Disliked And Misunderstood Company",
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      "text": "As a result, the expansion of Cintas' valuation multiple over the past few years is unwarranted. Analysts fail to critically evaluate each of Cintas' business lines... Despite trading a 4x sales and 18x EBITDA, not a single one of Cintas' business lines can be justified... fair value is $69 - $107, or 60% - 75% downside",
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      "text": "Analysts and investors love Cintas for its consistent ability to grow earnings... The consensus view is that it can produce 5-6% organic sales growth and 10-11% EPS growth...",
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      "text": "As a result, analysts' reward Cintas with the highest multiple... The average analyst price target is $255 per share. Yet, at the current share price of $259, there's 1% implied downside...",
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      "text": "Our view of Cintas is markedly different from consensus and we believe: There is a uniform displeasure with Cintas' billing practices... The G&K acquisition has worsened Cintas' overall financial profile... Cintas corporate governance is substandard...",
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      "text": "Trading Near All-Time High Share Prices, Above Analyst Average Price Target, And With An Expanded Multiple, Owning Cintas Is A Poor Risk / Reward; Sell-side Valuation Models Fail To Appreciate The Various Growth Risk Profiles For Each of Cintas' Business Segments",
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