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  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2022-09-28 00:00:00",
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      "text": "1. Executive Summary\n2. We Believe Broadridge Is Not A Leading SaaS/Fintech As Promoted, But Rather A Low-Tech Business Process Outsourcer (BPO)\n3. Thought of As A Defensive And Stable Company, We Believe Broadridge Is Exhibiting Multiple Classic Signs of Growing Financial Stress\n4. We Believe Broadridge’s Billion Dollar Sink Hole Project With UBS Wealth Management Needs To Be Impaired And A Debt Covenant Breach Is Imminent\n5. We Believe The $2.5 Billion Levered Acquisition of Itiviti Is A Diversion From Core Issues, And Will Fail To Meet Lofty Expectations\n6. Evidence Suggests High Likelihood That Broadridge Is Under Regulatory Scrutiny From The SEC\n7. Why Broadridge Is Overvalued With 65% – 75% Downside Risk\n8. Appendix: Long-Term Challenges And Other Concerns",
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