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  "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": "The table uses a 20-year DCF model with conservative assumptions to highlight value destruction.",
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      "text": "For illustrative purposes, Spruce Point has conducted an NPV analysis of the UBS technology project. Using conservative assumptions, we estimate a project Present Value of $209 million, significantly below the $1.0+ billion+ investment.",
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      "text": "Project Assumptions: Twenty year technology lifespan, EBITDA approximates cash flow, ignores maintenance costs, 5% sales growth, 1% margin growth every 5 years, 21% tax rate, 8.0% WACC.",
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      "text": "Net Present Value: $209 million",
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      "text": "1) Cost of equity: 9.3% (Weighting 82%, Beta 0.95, 30 Yr Treasury Risk Free Rate 3.6%, 6% Equity Market Risk Premium); After Tax Cost of Debt 2.3%, Weighting 18%",
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      "text": "20-year DCF table showing Est Sales, EBITDA Margin, Est EBITDA, Tax Rate, After Tax EBITDA, Discount Factor, and Discount Cash Fl.",
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