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  "documentTitle": "Zillow Group, Inc. (Z)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-05 00:00:00",
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  "pageNumber": 103,
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  "notes": "The slide uses a standard valuation bridge format to derive equity value and share price from enterprise value, adjusted for debt and cash.",
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      "kind": "callout",
      "text": "We believe Zillow’s shares trade at an unwarranted premium to many fundamentally sound internet businesses.",
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      "text": "Factors Why We Believe Zillow’s Multiple Should Compress",
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      "text": "Est. Share Price: $23-$35",
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      "text": "We believe Zillow’s shares trade at an unwarranted premium to many fundamentally sound internet businesses. While management may preach a growth story, we believe the facts show that Zillow is a mature business facing material headwinds...",
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      "kind": "source-note",
      "text": "1) Includes convertible senior notes\n2) Class A, B, & C shares plus outstanding RSUs and net options under the treasury method\nSource: Spruce Point analysis",
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      "kind": "table",
      "text": "Valuation sensitivity table showing Low/Base case for EV/Sales and P/FCF multiples.",
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      "kind": "title",
      "text": "Spruce Point Estimates 40% – 60% Downside Risk",
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      "evidence": "The document concludes with a predicted victory for Spruce Point's short thesis, with a 40-60% downside risk to Zillow's stock price.",
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