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  "documentTitle": "Intuit Inc. (INTU)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2024-09-20 00:00:00",
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  "notes": "The chart illustrates the 'top-ticking' of a market cycle by highlighting the acquisition date against a declining valuation trend.",
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      "text": "We believe Intuit fell victim to extremely poor timing and market fervor about marketing automation when it cut the Mailchimp deal, as sector multiples were at their absolute peak. For example, HubSpot was trading at over 25x forward revenue at the time, but HUBS' multiple collapsed over 70% over the ensuing six months and has recovered only marginally versus peak levels.",
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      "kind": "callout",
      "text": "We believe Intuit fell victim to extremely poor timing and market fervor about marketing automation when it cut the Mailchimp deal, as sector multiples were at their absolute peak.",
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      "text": "HubSpot (HUBS) Historical EV / NTM Revenue Multiple",
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      "text": "Source: S&P Capital IQ, Spruce Point Research",
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      "text": "Intuit acquires Mailchimp 11/1/21",
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      "text": "Intuit Top-Ticked Marketing Automation Multiples With The Mailchimp Deal",
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