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  "documentTitle": "Nuvei Corp (NVEI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2021-12-09 00:00:00",
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  "notes": "The table highlights a 5.6x blended revenue multiple for acquisitions, with specific callouts for Base Commerce, Smart2Pay, SafeCharge, and Vantage Payments.",
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      "text": "We believe Nuvei is a mixture of acquisitions which on average have been acquired at approximately 5.6x revenues. We estimate up to 40% of revenues are acquired and do not deserve to increase the value of the entire company given numerous issues we've identified with specific acquisitions such as Base Commerce, Smart2Pay, SafeCharge and Vantage Payments.",
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      "text": "Multiple of Sales: 5.6x",
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      "text": "Source: Nuvei financials. Note: Sales are annualized per company disclosures of contributions post acquisition",
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      "text": "Summary of Material Acquisitions table showing Target, Deal Close Date, Deal Value, Deal Value Inc Earnout, Approximate Sales, Multiple of Sales, and Spruce Point Issues.",
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      "text": "Valuation of Nuvei's Acquisition Portfolio",
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