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  "docSlug": "cce862680d4f",
  "documentTitle": "Heska Corporation (HSKA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-25 00:00:00",
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  "notes": "The slide uses a red flag icon to highlight the activist's concern regarding the company's valuation.",
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      "kind": "callout",
      "text": "Heska's market cap has ballooned to approximately $2.8 billion following the stock's recent run. We find it troubling that an equipment distributor, regardless of how hot the end market is, is trading in line with leading technology companies and SaaS companies with real subscription business models.",
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      "text": "EV/Revenue: 9.3x",
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      "text": "Source: Bloomberg",
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      "text": "Heska Valuation Summary table including market cap, EV, and financial multiples from 2018-2022E.",
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      "kind": "title",
      "text": "Heska Currently Trades At 9x 2022E Revenues, Giving It A Valuation Exceeding That of Many SaaS Companies",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.",
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