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  "documentTitle": "Generac Holdings, Inc. (GNRC)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-06-22 00:00:00",
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  "notes": "The slide uses two distinct valuation methodologies (Revenue multiples and EBITDA multiples) to derive a price target range.",
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      "text": "Our revenues are lower than the Street and incorporate a lower multiple reflecting a struggling legacy business, and a low quality clean energy business assembled via acquisitions.",
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      "text": "Price Target: $108.88/sh",
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      "text": "Source: Company financials and Spruce Point adjustments. Downside based on $220 per share. 1) We reduce cash by $18.4m... 2) We discount the value of the NCI...",
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      "text": "Valuation Method, Low Price, High Price, Note. Multiple of Revenues, 1.6x, 1.9x, Our revenues are lower than the Street... Multiple of EBITDA, 10.0x, 11.0x, Generac trades at a premium EBITDA multiple to peers...",
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      "text": "We Estimate 40% – 50% Downside Risk",
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