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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-07-01 00:00:00",
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  "notes": "The slide highlights FND's premium valuation relative to peers, specifically calling out adjusted estimates for operating expenses.",
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      "text": "We believe FND trades at an irrational premium to peers and that sell-side expectations are too high. Where we differ the most is new store operating expenses which we estimate are set to rapidly increase.",
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      "text": "EV / EBITDA: 35.9x",
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      "text": "Source: Bloomberg and Spruce Point estimates; peer group debt adjusted for legally binding lease commitments",
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      "text": "Peer benchmarking table showing Stock Price, Adj Ent. Value, Gross Margin, EBITDA Margin, Sales Growth, EBITDA Growth, EV/Sales, EV/EBITDA, and Net Debt for FND and peers.",
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      "kind": "title",
      "text": "We Believe FND Trades At An Irrational Valuation For A Struggling Retailer With Declining Unit Economics",
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      "arcName": "Overcoming the Monster",
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