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  "docSlug": "062cb2b9b6a4",
  "documentTitle": "Nuvei Corp (NVEI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-09 00:00:00",
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  "notes": "The table uses a standard bridge from Enterprise Value to Equity Value to Implied Share Price.",
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      "kind": "callout",
      "text": "Spruce Point believes there is significant downside to Nuvei's share price as the Company is overvalued on all financial metrics, and should trade at best in-line with peer valuations, and at worse a material discount to reflect the numerous concerns we've documented in our report.",
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      "text": "Spruce Point believes there is significant downside to Nuvei’s share price as the Company is overvalued on all financial metrics, and should trade at best in-line with peer valuations, and at worse a material discount to reflect the numerous concerns we’ve documented in our report.",
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      "kind": "disclaimer",
      "text": "Note: Market base case assumes street projections and peer average multiple. Market data as of 12/07/2021. Downside based on current share price of $97.35. Source: Company financials, Spruce Point research",
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      "kind": "metric",
      "text": "implied share price: $37.72",
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      "text": "Valuation bridge table showing Revenue and EBITDA multiples for Low Case vs Market Base Case.",
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      "kind": "title",
      "text": "Spruce Point Estimates 40% - 60% Downside",
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      "evidence": "The deck concludes with a warning of potential downside risk to Nuvei's share price.",
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