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  "docSlug": "c97bc876ffb7",
  "documentTitle": "LHC Group, Inc. (LHCG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-01-15 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 40,
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  "notes": "Includes a specific 'Spruce Adj' row for LHCG to adjust for organic growth and FCF yield.",
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      "kind": "callout",
      "text": "...despite below average growth and margins",
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      "text": "EV/EBITDA: 20.6x",
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      "kind": "paragraph",
      "text": "We believe that investors must reevaluate LHCG's current valuation in the context of its true organic growth profile, and taking into account the apparent risks to management's roll-up strategy.",
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      "kind": "source-note",
      "text": "Source: Bloomberg, Spruce Point Research",
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      "text": "Peer valuation table with columns for Price, Market Cap, Ent. Value, Sales, Sales Growth, EBITDA Margin, EV/EBITDA, P/E, and LTM FCF Yield.",
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      "kind": "title",
      "text": "LHCG Improperly Trading Above The Average Valuation Of Its Peers",
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The deck implies that investors will suffer financial losses if they do not heed Spruce Point's warning.",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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