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  "documentTitle": "Essential Utilities, Inc. (WTRG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-03-08 00:00:00",
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  "notes": "The chart compares WTRG stock price against its own debt and a corporate bond index to illustrate the 'disconnect'.",
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      "text": "When comparing WTRG's long duration debt and equity, there is a clear mismatch in terms of what debt and equity holders think of the Company's earnings prospects.",
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      "text": "Essential Utilities Stock Price vs. Long-Duration Bond and BBB Corp Bond Index",
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      "text": "bond price: $69",
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      "text": "Shortly after the closing of the Peoples deal on April 13, 2020 WTRG issued a $600 million, 3.35% Baa2/A- rated Senior Unsecured Note due 2050. When comparing WTRG's long duration debt and equity, there is a clear mismatch...",
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      "text": "(1) According to Bloomberg, there has been no change in 2023 consensus earnings estimates from deal closing to present",
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      "kind": "title",
      "text": "Enormous Disconnect Between What Bond And Stock Holders Think of WTRG's Future Post Closing of The Peoples Transaction",
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