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  "documentTitle": "Essential Utilities, Inc. (WTRG)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2023-03-08 00:00:00",
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  "notes": "Uses a red box to highlight the lack of growth between the acquisition announcement and current data.",
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      "kind": "callout",
      "text": "Two Years Later.... No Growth",
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      "kind": "callout",
      "text": "With almost 1.1 million water customers, what benefit does WTRG get from acquiring an asset that both: 1) Has just 2,300 customers that barely moves the needle, and 2) Has no customer growth?",
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      "text": "Deal Announcement of Willistown Township",
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      "kind": "paragraph",
      "text": "On Jan 28, 2021 WTRG announced it acquired Willistown Township’s municipal wastewater system for $17.5m which serves 2,300 customer-equivalents.(1) Based on a FOIA received from the township, we find that more than two years later, there is no customer growth. With almost 1.1 million water customers, what benefit does WTRG get from acquiring an asset that both: 1) Has just 2,300 customers that barely moves the needle, and 2) Has no customer growth?",
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      "kind": "source-note",
      "text": "Source: Freedom of Information Act, Willistown Township, PA (1) Deal press release",
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      "text": "Current Willistown Township Customer Count As Of March 1, 2023",
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      "text": "Willistown Township, PA: No Growth Acquisition",
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