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  "docSlug": "4a47ec40bed5",
  "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-05-17 00:00:00",
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  "notes": "The slide highlights AMR's valuation multiples (EV/Sales and EV/EBITDA) in red boxes to emphasize they are higher than the peer group average.",
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      "kind": "callout",
      "text": "Coal stocks look cheap, but there's a reason: the industry is notoriously cyclical with high operating leverage, and not a long-term climate or environmentally friendly source of energy. Multiple players filed for bankruptcy during the last downtown. Balance sheets are still not fully deleveraged and contain numerous on and off-balance sheet obligations. The market believes coal prices will roll over and the earnings cycle is temporary.",
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      "kind": "callout",
      "text": "Coal stocks look cheap, but there’s a reason: the industry is notoriously cyclical with high operating leverage, and not a long-term climate or environmentally friendly source of energy.",
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      "text": "EV / EBITDA: 5.6x",
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      "kind": "source-note",
      "text": "Source: Company financials and Spruce Point adjustments. Note: Industry leverage adjusted for pension, black lung, ARO, lease and LOC obligations. Note: EV to reserve only includes proven and probable reserves",
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      "text": "Peer comparison table of coal companies including stock price, enterprise value, margins, growth, and valuation multiples.",
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      "kind": "title",
      "text": "We Believe AMR's Premium Valuation Is Unwarranted",
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