{
  "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": 87,
  "pageCount": 89,
  "prevPage": 86,
  "nextPage": 88,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 168,
  "notes": "The table highlights that Rollins trades at a premium multiple compared to the peer group average.",
  "elementsJson": [
    "headline_text",
    "comparison_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-6874fa144d61/87",
  "deckHref": "/decks/019dd923-622c-750b-8b99-6874fa144d61",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-6874fa144d61.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-6874fa144d61#slide-87",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.96,
        "x": 0.02,
        "y": 0.18
      },
      "kind": "callout",
      "text": "We compare Rollins' valuation with a broad set of residential and commercial service companies. We expect Rollins' margins to contract and its top-line growth to normalize. As a result, we believe its excessive multiple should contract.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "32e5d367-e9e8-4745-9ee6-53b8f03434f9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We compare Rollins’ valuation with a broad set of residential and commercial service companies. We expect Rollins’ margins to contract and its top-line growth to normalize. As a result, we believe its excessive multiple should contract.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b4-767c-9bec-1a1dc0c6cce7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV / EBITDA: 26.9x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b4-767c-9bec-1c9abeb1466f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Company financials, Bloomberg and Spruce Point estimates",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "911aa77e-2e39-4b26-8c15-70c203cd9ed8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.96,
        "x": 0.02,
        "y": 0.31
      },
      "kind": "table",
      "text": "Peer comparison table including ticker, service market, stock price, enterprise value, margins, growth, and valuation multiples.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "54cbf90f-f354-4a6b-84d5-8000c840f2e6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.31,
        "y": 0.05
      },
      "kind": "title",
      "text": "Rollins Valuation Is At An Extreme",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c99af9f-ec5f-48c2-85b1-67a11baee8f2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "08a3e6c3-7f1b-408c-b69d-e83ed6a1c06c",
      "evidence": "The slide uses a peer group table to establish a valuation premium for the target company.",
      "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
}