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  "documentTitle": "Essential Utilities, Inc. (WTRG)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-03-08 00:00:00",
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  "notes": "Includes a detailed SOTP valuation table and a list of qualitative concerns regarding the natural gas and water business segments.",
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      "text": "Spruce Point conducts a sum-of-the-parts valuation for WTRG’s water and gas businesses which are distinct and separately reported businesses.",
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      "text": "Rationale For Valuation Multiple Discount including Natural Gas Business, Water Business, and General Concerns.",
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      "text": "implied stock price: $20-$28",
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      "text": "Spruce Point conducts a sum-of-the-parts valuation for WTRG's water and gas businesses which are distinct and separately reported businesses.",
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      "text": "(1) Includes $75m of mortgage bonds... (2) WTRG frequently operates with no cash... (3) Low case: $400m equity raised...",
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      "text": "Spruce Point Price Target table showing EBITDA multiples, enterprise value, debt, equity, and implied stock price.",
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      "text": "We See Approximately 35% - 50% Downside Risk To WTRG's Share Price",
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