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  "documentTitle": "Intuit Inc. (INTU)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-09-20 00:00:00",
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  "notes": "The slide uses a peer-based valuation methodology to argue for a share price correction.",
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      "text": "We believe Intuit will see a material multiple de-rating over time, and thus we expect the shares to underperform those of its software peers, the technology sector, as well as the broader equity market.",
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      "text": "Equity Val. / Adj. LTM FCF: 74%",
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      "text": "Some may believe that, as a mature and profitable software company, Intuit should be valued based on its free cash flow. We provide that analysis below after making our previously discussed adjustments to Intuit and peer company financials. We find that Intuit trades at a 200% premium to the median multiple of its large company peers, which we believe is difficult to justify.",
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      "text": "Note: Select ADBE metrics not updated for most recent quarter as new 10-Q remains unfiled\nSource: S&P Capital IQ, Spruce Point Research",
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      "text": "Implied Intuit Valuation at Peer Multiples",
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      "text": "Spruce Point Free Cash Flow Valuation of Intuit",
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      "text": "Our Cash Flow Based Valuation Suggests 53% -74% Potential Downside Risk To Intuit's Share Price",
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