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  "documentTitle": "Stryker Corp. (SYK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-04-06 00:00:00",
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  "notes": "The table uses a 'Low Case' and 'High Case' for three different valuation metrics to derive a range of potential share prices.",
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      "kind": "callout",
      "text": "As we articulated earlier with numerous supporting points, Spruce Point believes Stryker's valuation multiple is rich and needs to compress. Given the stock is heavily levered, there's a wide range of downside price targets sensitive to which metric Stryker is valued on.",
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      "text": "Market data as of 4/5/22. Downside based on current share price of $268.50. Source: Company financials, and Spruce Point adjustments and research. 1) Adjusted to reclassify stock repurchases for employee compensation programs as operating cash flows",
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      "text": "implied share price: 35% - 75%",
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      "text": "Valuation sensitivity table with Revenue, EBITDA, and OCF multiples",
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      "text": "Spruce Point Estimates 35% - 75% Downside Risk To Stryker's Share Price",
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