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  "docSlug": "9c995cfa26e4",
  "documentTitle": "Porch Group Inc (PRCH)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-04-08 00:00:00",
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  "notes": "Includes Spruce Point's own adjusted valuation for Porch.",
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      "kind": "callout",
      "text": "Porch trades at a lofty 2021E 9.0x revenue and 11.7x gross profit multiple on the assumption its recent revenue growth is sustainable, but we believe recent results are distorted due to low-quality acquisitions, which inflates inorganic growth. In addition, we believe Porch's true Enterprise Value is higher as it ignores dilutive options, debt obligations associated with financial guarantees, leases and potential liabilities associated with litigation. We believe Porch's closest publicly traded peers suggest a valuation closer to 2.0x - 4.0x sales",
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      "kind": "callout",
      "text": "Porch trades at a lofty 2021E 9.0x revenue and 11.7x gross profit multiple on the assumption its recent revenue growth is sustainable, but we believe recent results are distorted due to low-quality acquisitions, which inflates inorganic growth.",
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      "text": "EV / Sales: 9.0x",
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      "text": "Source: Company filings and Bloomberg consensus figures",
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      "text": "Peer comparison table with columns for Stock Price, Adj Ent. Value, Margins, Growth, and Multiples.",
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      "kind": "title",
      "text": "Trading Comps Point To Severe Overvaluation",
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      "name": "Cost Of Inaction",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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