{
  "docId": "019dd923-622c-750b-8b99-6874fa144d61",
  "docSlug": "addbfd9bdf8e",
  "documentTitle": "Rollins Inc. (ROL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-10-04 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 85,
  "pageCount": 89,
  "prevPage": 84,
  "nextPage": 86,
  "slideType": "precedent_table",
  "function": "cite_precedent",
  "density": "balanced",
  "nDataPoints": 28,
  "notes": "Includes a summary row calculating the average of the four transactions.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-6874fa144d61/85",
  "deckHref": "/decks/019dd923-622c-750b-8b99-6874fa144d61",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-6874fa144d61.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-6874fa144d61#slide-85",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.95,
        "x": 0.025,
        "y": 0.18
      },
      "kind": "callout",
      "text": "Rollins' valuation looks extremely expensive relative to the two largest and most comparable transactions of Rentokil / Terminix and EQT / Anticimex.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "89adb991-c3a1-45d9-a59b-efe3ea2e065b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV / EBITDA: 18.1x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b4-767c-9beb-148e5abe84f8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.2,
        "x": 0.025,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Source: Company financials\n1) Based on 2022 financials",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "33c761c5-7896-4440-832b-9b74a2c172f8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.95,
        "x": 0.025,
        "y": 0.31
      },
      "kind": "table",
      "text": "Large M&A Transactions In Pest Control ($ in mm)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "edf58dec-a981-4354-bcdc-da702a7d91a2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.305,
        "y": 0.05
      },
      "kind": "title",
      "text": "Transaction Multiples In Pest Control",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ed7d013-1fdc-4231-8360-6f3d52f27294",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison-frame",
      "slug": null,
      "matchId": "26526af5-462d-457d-826c-47cec26b3014",
      "evidence": "Uses historical M&A transaction data to frame the current valuation of the target company as expensive.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 89,
      "from": 61,
      "beatId": "f9acdbb0-fdef-4e30-b2cc-699d48c0dad2",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": null,
      "evidence": "The document concludes with a call to action, urging investors to sell Rollins stock due to the significant downside risk.",
      "position": 4,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}