{
  "docId": "019dd923-622c-750b-8b99-3dd81deb19cb",
  "docSlug": "0cee9cc55960",
  "documentTitle": "Generac Holdings, Inc. (GNRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-06-22 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 141,
  "pageCount": 145,
  "prevPage": 140,
  "nextPage": 142,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 250,
  "notes": "The table highlights that Generac's valuation multiples (EV/Sales, EV/EBITDA, P/E) are consistently higher than the peer group average.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/141",
  "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-141",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Generac trades at an irrational premium to a variety of consumer, residential home and industrial power and electrical equipment peers.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "00eb221f-e70a-485f-bc58-a48806b3c63a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV / EBITDA: 14.1x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-86f9-a130657de931",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.75,
        "x": 0.03,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: Bloomberg and Spruce Point estimates. Note: Given economic uncertainty, Spruce Point is not estimating 2023 figures for Generac.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b057d29a-d34e-4b08-bb5f-225591b8a812",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.94,
        "x": 0.03,
        "y": 0.25
      },
      "kind": "table",
      "text": "Peer valuation table with columns for Stock Price, Adj Ent. Value, Margins, Growth, and various valuation multiples.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8e7c0564-d2ea-4911-be38-441d885da60f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.65,
        "x": 0.305,
        "y": 0.06
      },
      "kind": "title",
      "text": "Relative Value Peers For Legacy Electrical Products",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c2807a30-d6ee-4056-ad2c-2dd8ed1c189e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "807d28f1-6ba9-4129-a038-4fdc59474dc3",
      "evidence": "The slide uses a peer group comparison table to establish a valuation premium.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 145,
      "from": 135,
      "beatId": "19410594-ff15-4f44-a732-af977a30b0e6",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Valuation Reveal",
      "beatSlug": null,
      "evidence": "Downside risk of 40% - 50%",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 145,
      "from": 135,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "76d9eb62-aafb-48a3-a3e4-6e79c57c98f4",
      "evidence": "Detailed valuation analysis",
      "position": 1,
      "objective": "Reveal downside risk",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.8,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}