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  "documentTitle": "Samsara Inc. (IOT)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-09-21 00:00:00",
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      "text": "We find it remarkable that Samsara has continued to trade at a premium valuation despite embodying all the attributes that have traditionally resulted in valuation multiple discounts: SMB focus, hardware business, and communications focus. Thus, we expect Samsara's eventual multiple compression will be particularly severe.",
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      "text": "We find it remarkable that Samsara has continued to trade at a premium valuation despite embodying all the attributes that have traditionally resulted in valuation multiple discounts: SMB focus, hardware business, and communications focus. Thus, we expect Samsara’s eventual multiple compression will be particularly severe.",
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      "text": "Average 2023E Revenue Multiples For Software Sub-Sectors",
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      "kind": "list",
      "text": "Enterprise SaaS Leaders includes: CRWD, DDOG, MDB, PANW, NOW, SNOW, WDAY; SMB-Focused SaaS includes: BILL, BOX, DBX, HUBS, SHOP, SQSP, SPT, TOST, WIX; Software / Hardware Mix includes: ALRM, AXON, CGNX, GRMN, ROP, TRMB; Communications-Focused SaaS includes: EGHT, EVBG, FIVN, RNG, TWLO, ZM",
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      "text": "EV / 2023E Revenue Multiple: 16.0x",
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      "text": "Source: CapitalIQ, Spruce Point Research",
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      "text": "How Has Samsara Defied The Conventional Wisdom of SaaS / Software Valuations?",
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