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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": "The table calculates price targets based on 6.5x-8.5x revenue multiples, resulting in a 27-46% downside from the current price of $27.30.",
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      "text": "We believe its multiple will compress once the market realizes its true organic growth is trending towards low single digits.",
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      "text": "Price Target: $14.75-$19.96",
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      "text": "Analysts have wildly marked-up Magnite’s sales expectations largely on the back of one quarter and promotion from an analyst with a checkered past. Yet, Magnite still has not proven its merger has paid off in a sustainable fashion while it bleeds cash. We believe its multiple will compress once the market realizes its true organic growth is trending towards low single digits.",
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      "text": "Note: Downside Based on $27.30",
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      "text": "Valuation table showing Low Price and High Price scenarios for Magnite, including revenue, enterprise value, cash, leases, equity value, shares, and price target.",
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      "kind": "title",
      "text": "Spruce Point Estimates 25% – 50% Downside",
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