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  "documentTitle": "Leidos Holdings, Inc. (LDOS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-02-16 00:00:00",
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  "notes": "Includes 'Spruce Point Adj' row to highlight the impact of accounting adjustments on OCF and valuation multiples.",
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      "kind": "callout",
      "text": "When we adjust for these factors, we see that Leidos is trading at 24x 2021E OCF vs. 16x peers.",
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      "text": "Despite all of our concerns, including concrete evidence of defective products jeopardizing the safety of citizens across the globe, Leidos trades at a premium to peers despite having below average gross, EBITDA and OCF margins.",
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      "text": "Source: Company financials, Bloomberg consensus estimates and Spruce Point adjustments",
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      "text": "Peer group valuation table with columns for Stock Price, Enterprise Value, Margins, Growth, P/E, EV/EBITDA, EV/Sales, EV/OCF, Net Debt/EBITDA, Price/Book, and Dividend Yield.",
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      "kind": "title",
      "text": "Expensive To Peers Especially On Cash Flow, Which Is Set To Decline",
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