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  "docSlug": "c97bc876ffb7",
  "documentTitle": "LHC Group, Inc. (LHCG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-01-15 00:00:00",
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  "notes": "Includes a Bloomberg terminal screenshot showing historical EV/EBITDA expansion.",
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      "kind": "callout",
      "text": "Unsustainable multiple expansion driven by broad misunderstanding of LHCG's post-merger organic growth",
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      "text": "EV/EBITDA: 35%-65%",
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      "text": "Broad investor misunderstanding of LHCG's underlying economics have driven rapid multiple expansion on the back of perceived organic growth. Spruce Point believes that this multiple expansion will inevitably unwind.",
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      "kind": "paragraph",
      "text": "Given LHCG's weak organic growth performance and poor FCF profile, Spruce Point believes that LHCG shares should be valued at a multiple more in line with lower-growth and lower-quality health service peers.",
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      "kind": "title",
      "text": "Spruce Point Sees 35%-65% Downside In LHCG Shares",
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