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  "documentTitle": "Xylem Inc. (XYL)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-08-09 00:00:00",
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      "text": "Spruce Point believes the current consensus estimates incorporate significant improvement in revenue since the deal was announced on Jan 23rd (either through fundamental improvements and/or aggressive revenue synergies).",
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      "text": "EBITDA increase: $156m",
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      "text": "Spruce Point believes the current consensus estimates incorporate significant improvement in revenue since the deal was announced on Jan 23rd (either through fundamental improvements and/or aggressive revenue synergies). Xylem has guided to $140m of cost synergies by year three and has not quantified any revenue synergies. The market has already boosted 2024E EBITDA by $156m.",
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      "text": "Note. Pre-deal announcement estimates before Jan 23, 2023. Evoqua has a Sept 30th fiscal year. Estimates are calendarized for Dec 31st. 1) Based on a review of selected sell-side research estimates 2) 2023E grossed-up by 60% to reflect closing on May 24, 2023",
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