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  "docSlug": "0ce9434f48c5",
  "documentTitle": "Essential Utilities, Inc. (WTRG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-03-08 00:00:00",
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  "pageNumber": 88,
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  "notes": "The table segments peers into 'Pure Gas' and 'Pure Water' categories to demonstrate the valuation discrepancy.",
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      "text": "We believe WTRG trades at a rich multiple that makes little sense in relation to our evidence of financial reporting issues, poor governance, and its acquisition growth strategy facing challenges. A realistic valuation should consider that WTRG is both a water/wastewater utility and a regulated gas distribution business. Gas asset multiples trade at a discount to water assets.",
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      "text": "We believe WTRG trades at a rich multiple that makes little sense in relation to our evidence of financial reporting issues, poor governance, and its acquisition growth strategy facing challenges.",
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      "text": "EV / EBITDA: 16.0x",
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      "kind": "source-note",
      "text": "Source: Bloomberg consensus and Spruce Point research. Note: South Jersey Industries recently acquired",
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      "kind": "table",
      "text": "Peer comparison table showing Stock Price, Adj Value, Margins, Growth, and Valuation Multiples (EV/Sales, EV/EBITDA, P/E) for 15 companies plus WTRG.",
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      "kind": "title",
      "text": "Undeserved Premium Multiple Among Peers",
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