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  "documentTitle": "FIGS, Inc. (FIGS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-07 00:00:00",
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      "text": "Based on our application of a generous 1.5x - 2.0x 2022E revenue multiple, we estimate a price target of $4.40 – $6.05 per share price target for FIGS, representing 45% - 60% downside from current.",
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      "text": "Despite its Post-IPO share price decline, FIGS still trades at approximately 4.0x 2022E revenue... FIGS is a dual-class structured company... most financial data services materially undercount FIGS' fully diluted share count... FIGS co-founders and major investor Tulco have been heavy sellers... Based on our application of a generous 1.5x - 2.0x 2022E revenue multiple, we estimate a price target of $4.40 - $6.05",
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      "text": "YoY revenue growth has slowed to 21%... International revenue is now undergrowing the US... Customer additions have shown QoQ declines... Period net revenue per active customer has declined -4% YoY... Average order value declined -6%... Period return on marketing spend plummeted -18% QoQ",
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      "text": "revenue multiple: 45%-60%",
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      "text": "We see 45% - 60% downside risk in FIGS share price.",
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      "kind": "paragraph",
      "text": "We believe FIGS was a pandemic beneficiary and that its business is showing signs of slowdown, and financial strain. In fact, nearly all key business metrics have deteriorated in 2022...",
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      "text": "A Bet On The FIGS Brand Is Risky, And Business Appears To Be Reverting To Slower Growth; 45% - 60% Downside",
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