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  "docSlug": "72469199073c",
  "documentTitle": "C3.ai, Inc. (AI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-02-16 00:00:00",
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  "notes": "Includes a 'SP Adjusted' row for C3.ai to demonstrate the impact of a 20% revenue haircut.",
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      "kind": "callout",
      "text": "Spruce Point believes that C3 might look optically cheap relative to high growth data and AI peers, but that C3's revenue estimates are too high, and lie on a shaky foundation with a related-party Baker Hughes.",
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      "text": "EV / Sales: 5.3x",
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      "text": "Source: Spruce Point Analysis and Bloomberg consensus estimates",
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      "kind": "table",
      "text": "Peer comparison table showing Stock Price, Adj Ent. Value, Gross Margin, OCF Margin, EBITDA Margin, Sales Growth, EV/Sales, and EV/Gross Profit for Datadog, MongoDB, Palantir, Splunk, Elastic, Alteryx, and C3.ai.",
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      "text": "Relative Value Peers",
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      "arcName": "Overcoming the Monster",
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      "name": "Quick Win Big Bet",
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      "bestFor": "Transformation planning, 100-day plans, resource allocation",
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      "evidence": "Spruce Point estimates a 40-50% downside risk to C3.ai's share price.",
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      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
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