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  "documentTitle": "Plug Power Inc. (PLUG)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-12-19 00:00:00",
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  "notes": "Uses a red arrow to connect the adoption of accounting standards to the valuation spike.",
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      "kind": "callout",
      "text": "Questionable Incentives? Moving back to operating leasebacks sacrifices liquidity, but if the subsequent accounting-driven sales and earnings growth drives valuations higher, it's easy to make up for the lost liquidity by diluting shareholders...",
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      "text": "Moving back to operating leasebacks sacrifices liquidity, but if the subsequent accounting-driven sales and earnings growth drives valuations higher, it’s easy to make up for the lost liquidity by diluting shareholders...",
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      "text": "Adjusted EBITDA(S) chart showing negative values until Q3-2019",
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      "text": "We are upgrading shares of Plug to Buy (from Neutral) as the company passes an inflection point...",
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      "text": "Despite these concerning developments, sell-side analysts and the investor community remain bullish on the stock. This, indeed, was perhaps an enabling factor in management's decision to issue equity...",
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      "text": "We are upgrading shares of Plug to Buy (from Neutral) as the company passes an inflection point. We expect valuation to be driven by visibility for Plug continuing on impressive revenue growth trajectory, outlook for record revenue and EBITDA in 4Q19, and material EBITDA profitability in 2020. The outlook for 2020 where we forecast material EBITDA production of $35.5m suggests Plug is clearly passing an inflection point. — Sell-side analyst report",
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      "text": "Equity Raises Facilitated By Renewed Confidence in PLUG Profitability – But Has PLUG Really Changed?",
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