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  "documentTitle": "Stryker Corp. (SYK)",
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      "text": "Spruce Point believes the best way to evaluate Stryker is on its GAAP results",
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      "text": "Dubious recurring adjustments related to Stryker's core acquisitive business strategy and product mishaps that cannot be disregarded. Many are cash costs",
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      "text": "Spruce Point believes that Stryker could be dangerously levered around 4.9x Debt to '22E EBITDA.",
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      "text": "Total Debt / Spruce GAAP EBITDA: 4.9x",
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      "text": "Spruce Point believes that Stryker could be dangerously levered around 4.9x Debt to '22E EBITDA. In addition, its full stated cash position is not liquid and available for debt reduction as it is permanently invested in foreign jurisdictions.",
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      "text": "1) 2021 10-K page 17 discloses that 26% of cash and equivalents is outside the U.S. ... 2) Represents core Stryker growth and Vocera contribution implied from 2022E Stryker EBITDA market consensus",
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      "text": "Stryker Dangerously Levered",
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