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  "documentTitle": "Dropbox, Inc. (DBX)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2020-02-06 00:00:00",
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      "text": "Spruce Point believes it is unlikely that Dropbox is a takeover target for a strategic buyer, and that it is not yet cheap enough, and would be an unusually large deal, for technology-focused private equity.",
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      "text": "EV / LTM EBITDA: 10.2x",
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      "text": "Spruce Point believes it is unlikely that Dropbox is a takeover target for a strategic buyer, and that it is not yet cheap enough, and would be an unusually large deal, for technology-focused private equity.",
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      "text": "Q: Who would want to buy Dropbox? A: I could see private equity potentially getting interested but not at this valuation level as growth will keep slowing. There are costs that can be cut. Who knows, maybe even Drew (the founder) buys the rest of it, but unlikely",
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      "text": "Q: Who would want to buy Dropbox? A: Good question, Microsoft – NO; Google – NO; Facebook – UM WHY? I don't really think it has much strategic value. There's no network effect or synergy effect to buying it for anyone I can think of.",
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      "text": "Q: Who would want to buy Dropbox? A: Good question, Microsoft – NO; Google – NO; Facebook – UM WHY? I don't really think it has much strategic value. There's no network effect or synergy effect to buying it for anyone I can think of. — From An Established Industry Competitor",
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      "text": "1) According to Bloomberg's database, there have only been 5 of 389 private equity deals in the North American software technology space larger than $7 billion\n2) Includes $15m of cost synergies projected for Intralinks.\n3) CARB free cash flow adjusted for lease and stock repurchase payments",
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      "kind": "title",
      "text": "Already Fully Valued As A Take-Out Target",
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