{
  "docId": "019dd923-622c-750b-8b99-265d3ab25ee2",
  "docSlug": "062cb2b9b6a4",
  "documentTitle": "Nuvei Corp (NVEI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-09 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 115,
  "pageCount": 119,
  "prevPage": 114,
  "nextPage": 116,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 144,
  "notes": "The slide uses a red flag icon to emphasize the activist thesis. The table includes a summary row for Max, Average, and Min of the peer group.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-265d3ab25ee2/115",
  "deckHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-265d3ab25ee2#slide-115",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.93,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "callout",
      "text": "As we've demonstrated, Nuvei's revenue is low quality (already being restated) and growth has come from inorganic acquisitions and higher risk (and margin) business which will we believe will revert towards lower margin in the future. We believe Nuvei's management team has a shady history, its post-acquisition margin improvement is highly suspect, and its disclosures are substandard. As a result, we don't believe Nuvei should trade a premium multiple to industry peers.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2093338c-fc1a-433c-bb50-e37b4053ca8f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "As we’ve demonstrated, Nuvei’s revenue is low quality (already being restated) and growth has come from inorganic acquisitions and higher risk (and margin) business which will we believe will revert towards lower margin in the future.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6eb-753a-a38d-0fd61767760a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV / EBITDA: 34.2x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6eb-753a-a38d-130ee8a0ac5e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Bloomberg, Wall Street Research and Spruce Point Estimates",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1c0c2b9d-9fa1-43ef-a981-9ed4457fbd72",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.95,
        "x": 0.04,
        "y": 0.35
      },
      "kind": "table",
      "text": "Peer group valuation table comparing Stock Price, Adj Ent. Value, Margins, Sales Growth, and EV multiples (Sales, Gross Profit, EBITDA) for 2021E and 2022E.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e323d3d2-7ffc-4ff0-908b-f2a753697314",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.65,
        "x": 0.32,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Believe Nuvei Trades At An Unjustified Premium To Peers",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3a0f970c-8343-45cb-9fe7-8c4cff604f1a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "a2921d17-4489-492a-b743-a4885ba89faa",
      "evidence": "Direct comparison of valuation multiples between target and peer group",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 119,
      "from": 101,
      "beatId": "b94975d4-250f-467c-aa0c-c24a3daa36e2",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The conclusion and call to action",
      "beatSlug": null,
      "evidence": "The deck concludes with a strong call to action, reiterating the potential downside risk to Nuvei's share price.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 119,
      "from": 101,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "62a95e11-2bcf-4a42-a377-d2ef6fc7af71",
      "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.",
      "position": 1,
      "objective": "What are the consequences of not selling Nuvei Corp shares?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}