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  "documentTitle": "Magnite, Inc. (MGNI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2021-01-07 00:00:00",
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  "notes": "Uses Bloomberg terminal screenshots to highlight valuation divergence.",
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      "text": "Once normalization of results become more evident, we believe Magnite could trade back in the 5x – 7x forward multiple range vs. 11x current.",
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      "text": "EV / Next 12 Months EBITDA",
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      "text": "EV / Next 12 Months Sales",
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      "text": "forward multiple: 5x - 7x",
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      "text": "Despite all of our concerns, and Magnite guiding to the lowest Q4 sales growth rate in the past three years, its multiple has expanded wildly. The recent quarterly revenue beat came largely through a one-off benefit from the election cycle. Once normalization of results become more evident, we believe Magnite could trade back in the 5x – 7x forward multiple range vs. 11x current.",
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      "text": "Source: Bloomberg",
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      "kind": "title",
      "text": "Questionable Multiple Expansion",
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      "arcName": "Overcoming the Monster",
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