{
  "docId": "019dd923-622c-750b-8b99-7df068ad1ae5",
  "docSlug": "55f4c152cfe0",
  "documentTitle": "WSP Global Inc. (WSP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-04-03 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 68,
  "pageCount": 68,
  "prevPage": 67,
  "nextPage": null,
  "slideType": "valuation_table",
  "function": "quantify_opportunity",
  "density": "balanced",
  "nDataPoints": 48,
  "notes": "The table calculates equity value and share price across four scenarios (Low/Street for both Sales and EBITDA multiples).",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "valuation_table",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-7df068ad1ae5/68",
  "deckHref": "/decks/019dd923-622c-750b-8b99-7df068ad1ae5",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-7df068ad1ae5.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-7df068ad1ae5#slide-68",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Spruce Point believes there is significant downside risk to WSP’s share price as its premium multiple is reconsidered by institutional investors in the face of our overwhelming evidence that it is masking growing pressures.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7637447a-5a00-4957-a06f-59e136a746bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.38,
        "x": 0.6,
        "y": 0.27
      },
      "kind": "list",
      "text": "Factors Why WSP’s Valuation Should Compress",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c5b35fff-34b9-40f5-819b-8f6110be5b1b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share price: -49%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0930-77dc-94a0-1e6c85a56376",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Company financials, Spruce Point research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eac9bfe4-4e6a-4b5b-a90b-9373508ddd0e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.55,
        "x": 0.05,
        "y": 0.27
      },
      "kind": "table",
      "text": "WSP’s Share Valuation table",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59fd02b5-dd5a-48ca-a008-b8b1111207fc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Spruce Point Estimates 25% – 50% Downside Risk",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "64f9e060-daed-405d-9f65-43b7a6a4de96",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "List presentation",
      "slug": "list-presentation",
      "agent": null,
      "layer": "slide",
      "matchId": "7134153c-7c6d-4622-8e05-92522ac87262",
      "evidence": "list/bullet: Factors Why WSP’s Valuation Should Compress",
      "confidence": 0.6
    }
  ],
  "frameworks": [
    {
      "name": "valuation-bridge",
      "slug": null,
      "matchId": "695b09bb-556c-4222-9ba1-fca6d19b3d5c",
      "evidence": "Table showing derivation of share price from enterprise value and debt/cash adjustments",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 68,
      "from": 9,
      "beatId": "f8978e98-df21-43e6-a756-a65765818a20",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document repeatedly exposes contradictions in WSP's reporting and operations",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}