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  "docSlug": "a2803989ab19",
  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-28 00:00:00",
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  "notes": "Uses screenshots of company investor presentations to contrast TAM figures over time.",
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      "kind": "callout",
      "text": "BR recently expanded its TAM without any logical explanation. Its recent increase from $46 to $52 billion can be explained by the Itiviti acquisition, which it claimed added $5 billion (see this slide on why we think this is aggressive). Now BR is having investors believe its TAM has grown by $8 billion (or 15.4%) in a challenging economic backdrop where it isn't immune to recession. More fundamentally, how is its TAM growing faster than its claimed 3-year organic recurring revenue growth target of 5-7%?",
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      "text": "BR recently expanded its TAM without any logical explanation. Its recent increase from $46 to $52 billion can be explained by the Itiviti acquisition, which it claimed added $5 billion (see this slide on why we think this is aggressive). Now BR is having investors believe its TAM has grown by $8 billion (or 15.4%) in a challenging economic backdrop where it isn't immune to recession.",
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      "text": "Dec 2020 TAM chart",
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      "text": "Sept 2022 TAM chart",
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      "text": "TAM: $60B",
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      "kind": "title",
      "text": "How To Keep Investors Interested? Magically Grow The TAM With Weak Justifications",
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