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  "documentTitle": "Intuit Inc. (INTU)",
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  "notes": "Uses a combination of qualitative arguments (left) and quantitative valuation bridge (right) to support a bearish thesis.",
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      "text": "Intuit generates $1.2 billion of revenue from fundamentally less attractive sources that we believe should be valued at a multiple dramatically lower than the current 11x.",
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      "text": "SMB Focus: High customer churn and low LTV; Slowing revenue growth; Incumbent franchises under pressure; Overpaying for questionable acquisitions; Margin pressures in new businesses; Narrow TAM and up-market friction; Minimal international opportunity",
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      "text": "Intuit's core franchises, QuickBooks and TurboTax, admittedly are dominant share leaders. Yet, beyond that, those businesses embody many of the business characteristics that have traditionally driven lower software trading multiples.",
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