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  "documentTitle": "Rollins Inc. (ROL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-10-04 00:00:00",
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  "notes": "Includes a specific callout regarding Rollins family stock sales and share repurchases.",
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      "text": "Spruce Point believes there is significant downside risk to Rollins' share price as its premium multiple is reconsidered by institutional investors in the face of increasing competition. Furthermore, despite having recently settled with the SEC for improper earnings management, we find evidence to suggest that Rollins could potentially still be engaging in aggressive financial reporting tactics to deflect fundamental challenges. The Rollins family just sold a large block of stock at $35 per share which is 4% below the current trading price. Rollins repurchased 8.7 million shares at the same price.",
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      "text": "Spruce Point believes there is significant downside risk to Rollins’ share price as its premium multiple is reconsidered by institutional investors in the face of increasing competition.",
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      "text": "Factors Why We Believe Rollins' Multiple Should Compress",
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      "text": "downside: -41%",
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      "text": "Source: Company financials, Spruce Point research (1) We assume $300m of stock repurchased is $100/$200 cash and debt financed",
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      "text": "Valuation table showing 2024E Sales/EBITDA multiples and resulting share price downside.",
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      "text": "Spruce Point Estimates 30% – 40% Downside",
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