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  "documentTitle": "DoubleVerify Holdings, Inc. (DV)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-02 00:00:00",
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  "notes": "The slide uses a 'long/short' thesis structure, pairing a long position in IAS with a short position in DV.",
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      "text": "Spruce Point believes that IAS is undervalued relative to DV and that the gap should narrow. We believe IAS offers greater exposure to faster growing and less saturated international markets. We also believe IAS has better patent coverage, financial reporting transparency and stronger equity sponsorship. We are long IAS as a relative value hedge for our DV short position.",
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      "text": "Revenue Multiple: 20% - 30%",
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      "text": "Upside based on current share price of $16.00. Source: Company financials, Spruce Point research",
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      "text": "We Estimate Approximately 20% - 30% Upside To IAS's Share Price",
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