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  "documentTitle": "FIGS, Inc. (FIGS)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-07 00:00:00",
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      "kind": "callout",
      "text": "FIGS trades at a material premium to DTC and retail/apparel peers at approximately 4.0x 2022E revenues. Investors appear to be enamored with its 26% projected revenue growth, but we find many other retailers growing this quickly...",
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      "text": "Spruce Point Capital Management",
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      "text": "Implied Stock Price: $4.75 - $6.17",
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      "kind": "source-note",
      "text": "1) High 2022E revenue estimate is Bloomberg consensus",
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      "text": "FIGS Price Target Range: 2022E Revenue ($505M - $514M), EV/2022 Revenues (1.5x - 2.0x), Enterprise Value ($758M - $1,028M), Market Capitalization ($907M - $1,178M), Implied Stock Price ($4.75 - $6.17), % Downside From Current (-57% - -44%)",
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      "text": "We See Over 45% - 60% Downside Risk To FIGS",
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