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  "documentTitle": "Danimer Scientific (DNMR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2021-04-22 00:00:00",
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  "notes": "The slide uses a comparison of Danimer's own projections vs. market consensus vs. peer group medians to argue for overvaluation.",
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      "text": "Despite our belief that Danimer’s selected peer group is not a strong representation of its business, Danimer trades at substantially higher multiples that its self-selected peers on a projected revenue and EBITDA basis.",
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      "text": "EV/EBITDA: 138.9x",
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      "text": "Despite our belief that Danimer's selected peer group is not a strong representation of its business, Danimer trades at substantially higher multiples that its self-selected peers on a projected revenue and EBITDA basis. While Danimer may have been attractive by underwriting its optimistic SPAC presentation projections, we believe there is significant downside risk given its current inflated valuation.",
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      "text": "Note: Comparable companies based on Danimer's October 2020 investor presentation. Figures based on analysts' consensus as of 4/21/2021 except for Danimer's company guidance and SPAC valuation multiples. DNMR consensus and guidance multiples include dilution from equity options and warrants. Source: Spruce Point analysis, FactSet, Analysts' estimates, DNMR investor presentation",
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      "text": "Expensive On Company's Own Metrics",
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