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  "documentTitle": "Zebra Technologies Corp. (ZBRA)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-08-08 00:00:00",
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  "notes": "The table includes a 'Zebra Technologies' row at the bottom for direct comparison against the peer group.",
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      "text": "Zebra has various competitors in different lines of business. However, we will illustrate that the sum-of-parts estimated valuation is materially lower than its current enterprise value.",
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      "text": "EV / EBITDA: 18.4x",
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      "text": "Source: Bloomberg and Spruce Point estimates. Zebra debt is adjusted for unremitted A/R payments to banks.",
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      "kind": "title",
      "text": "We Believe Zebra Trades At An Unjustified Valuation Relative To Its Sum-of-Parts Estimate",
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