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  "docSlug": "0cee9cc55960",
  "documentTitle": "Generac Holdings, Inc. (GNRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-06-22 00:00:00",
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  "notes": "The slide uses a red-bordered callout box to emphasize the activist thesis regarding Generac's valuation.",
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      "kind": "callout",
      "text": "Manufacturers of clean energy solutions don't necessarily carry higher valuation multiples. Excluding Enphase, which has margins that Generac will likely never achieve, peers are trading around 2.7x and 2.0x 2022E and 2023E sales, respectively. Generac claims its clean energy business is profitable, but won't provide specifics. Given its opaque financial reporting and legacy of acquiring challenged businesses, we believe Generac's Clean Energy business should trade at a discount.",
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      "kind": "callout",
      "text": "Manufacturers of clean energy solutions don't necessarily carry higher valuation multiples. Excluding Enphase, which has margins that Generac will likely never achieve, peers are trading around 2.7x and 2.0x 2022E and 2023E sales, respectively.",
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      "text": "EV / Sales: 2.7x",
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      "text": "Source: Bloomberg",
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      "text": "Peer comparison table including Stock Price, Enterprise Value, Margins (Gross, Capex, OCF, EBITDA), Sales Growth, and EV/Sales multiples for 2022E and 2023E.",
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      "kind": "title",
      "text": "Relative Value Peers For Clean Energy",
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