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  "docSlug": "3f714c68343e",
  "documentTitle": "Boot Barn Holdings, Inc. (BOOT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-05-08 00:00:00",
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  "notes": "The slide uses a red box highlight on BOOT's growth metrics to emphasize the discrepancy between its valuation and its actual performance relative to peers.",
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      "text": "We believe BOOT's valuation inappropriately reflects the valuation of a fast growing, high-quality specialty retailer and lifestyle brand when in reality it is a poorly organized and governed shoe retailer. We believe the market is overly optimistic in forecasting revenue growth into next year and does not appreciate growing competition and one-time benefits from Taylor Swift and Beyoncé.",
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      "text": "We believe BOOT’s valuation inappropriately reflects the valuation of a fast growing, high-quality specialty retailer and lifestyle brand when in reality it is a poorly organized and governed shoe retailer.",
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      "text": "EV / EBITDA: 13.3x",
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      "text": "Source: Bloomberg and Spruce Point estimates",
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      "text": "Peer comparison table showing Stock Price, Adj Value, Gross Margin, EBITDA Margin, Sales Growth, EBITDA Growth, EV/Sales, EV/EBITDA, and Net Debt for Shoe Retailers and Specialty Retail / Lifestyle companies.",
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      "kind": "title",
      "text": "We Believe BOOT Trades Inappropriately Like A High-Quality Lifestyle Brand, When It Should Be Valued Closer To A Poorly Organized Shoe Retailer",
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