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  "documentTitle": "Stryker Corp. (SYK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2022-04-06 00:00:00",
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  "notes": "The slide uses two line charts showing EV/NTM EBITDA and EV/NTM Sales, both indicating current levels relative to historical averages.",
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      "kind": "callout",
      "text": "Our view is clear: Stryker's acquisition strategy is becoming less economic as it pays higher multiples for lower quality acquisitions. Furthermore, the Company's multiple trades at a premium to peers despite evidence it has become more dependent on aggressive accounting and \"adjusted\" metrics to portray growth. Our extensive analysis and employee interviews point to a company struggling with inventory challenges and SG&A bloat from years of chasing revenue in favor of operational excellence and improvement. As a result, we believe Stryker's multiple should compress lower.",
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      "text": "Our view is clear: Stryker's acquisition strategy is becoming less economic as it pays higher multiples for lower quality acquisitions.",
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      "text": "EV / NTM Sales",
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      "text": "EV / NTM EBITDA",
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      "text": "EV/NTM EBITDA: 21.728",
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      "kind": "source-note",
      "text": "Source: Bloomberg",
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      "text": "Near A Peak Multiple",
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      "evidence": "Presents current valuation multiples against historical averages to argue for multiple compression.",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The document concludes with a clear call to action, urging investors to reconsider their position on Stryker's stock.",
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