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  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2022-09-28 00:00:00",
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      "text": "We value BR's ICS and GTO business at 1x – 2x and 2.5x – 3.0x 2022E sales, respectively, to reflect its below industry margins, and other challenges we've identified. As a result, our price target is $37.35 – $52.30, implying 65% – 75% downside risk.",
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      "text": "Spruce Point observes that BR updated its Code of Business Conduct and Ethics Policy... BR also recently received a SEC Comment Letter in March 2022 questioning its financial presentation and disclosures.",
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      "text": "We believe sell-side estimates are too high... As a result, our price target is $37.35 - $52.30, implying 65% - 75% downside risk.",
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      "text": "For years, BR has diverted capital to share repurchases... BR's core technology was purchased in 2015 for $130 million, while billions have been invested into the technology.",
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