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  "documentTitle": "Super Micro Computer, Inc. (SMCI)",
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  "presentationDate": "2023-01-10 00:00:00",
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  "notes": "The slide highlights SMCI's valuation relative to peers, specifically calling out Wiwynn as a comparable.",
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      "text": "SMCI is currently trading at the highest revenue multiple in its sector, likely a reflection of investors perception that it is growing revenues the fastest. However, unlike its peers which have historically solid free cash flow generation, SMCI has not demonstrated any long-term free cash flow ability. Investors should look to Wiwynn as an instructive valuation datapoint since it is estimated that 55-60% of its revenues are tied to Facebook.(1)",
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      "text": "SMCI is currently trading at the highest revenue multiple in its sector, likely a reflection of investors perception that it is growing revenues the fastest. However, unlike its peers which have historically solid free cash flow generation, SMCI has not demonstrated any long-term free cash flow ability.",
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      "text": "EV / Sales: 0.8x",
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      "text": "Source: Bloomberg and Spruce Point research (1) Morgan Stanley equity report on Wiwynn, Jan 8, 2023",
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      "text": "Free Cash Flow Generative Comparable Computer Hardware Companies",
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      "text": "Undeserved Premium Multiple Among Peers",
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