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  "documentTitle": "Stryker Corp. (SYK)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2022-04-06 00:00:00",
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      "text": "Spruce Point believes Stryker is becoming dangerously levered as it pays hefty premiums for low quality acquisitions that it has failed to properly integrate.",
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      "text": "Leverage Rising (Net Debt/EBITDA vs Total Debt/EBITDA)",
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      "text": "Goodwill and Intangibles To Total Assets",
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      "text": "Total Debt / EBITDA: 4.9x",
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      "text": "Source: Stryker and Spruce Point adjustments. Note: Spruce Point EBITDA excludes recurring Stryker adjustments. 2022E is pro forma for Vocera.",
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      "kind": "source-note",
      "text": "1) S&P downgrade Nov 2019 and Feb 2022\n2) See credit agreement for definition of Leverage Ratio covenant",
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      "text": "Leverage Keeps Rising",
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