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  "documentTitle": "Essential Utilities, Inc. (WTRG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-03-08 00:00:00",
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  "notes": "The slide uses a red box to highlight the 'External Capital Required' and the resulting equity/debt split, and a red arrow to link the equity raise to the dilution table.",
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      "text": "We believe investors should be discounting substantial dilution and more debt issuance into the forward valuation of WTRG’s equity share price. Essential does not have a firm commitment to raise equity, but instead relies on a $500 million at-the-market (“ATM”) program whereby it can issue stock as it chooses.(1)",
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      "text": "We believe investors should be discounting substantial dilution and more debt issuance into the forward valuation of WTRG's equity share price.",
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      "text": "External Capital Required: $1,694",
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      "text": "Source: Spruce Point estimates and WTRG guidance (1) ATM 8-K filing, October 14, 2022 (2) 2022 Adj. Operating Cash Flow is $547m, has been falling... (3) 2023E Capex per 2022 10-K p. 54 (4) Equity raised per management 2022 year end conf call",
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      "text": "Potential Dilutive Impact From Equity Capital Raised table",
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      "text": "WTRG's Projected Capital Requirements table",
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      "text": "Substantial Capital Needs Coming Up",
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