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  "documentTitle": "Intuit Inc. (INTU)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2024-09-20 00:00:00",
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      "text": "We wonder why a niche, unexceptional, low-growth business is deserving of an 11x revenue multiple?",
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      "text": "Intuit's ProTax Segment Historical Revenue ($mm) and YoY Revenue Growth Rate",
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      "text": "revenue multiple: 11x",
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      "text": "On average, Intuit dedicates less than two sentences each earnings call to its ProTax segment, and Wall Street analysts rarely ask about the business. Intuit expects the business to grow 3-4% in FY2025, in line with the segment's 4% CAGR since 2016. Product revenue has grown at a sub-3% CAGR over the same period. We wonder why a niche, unexceptional, low-growth business is deserving of an 11x revenue multiple?",
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      "text": "Source: Intuit SEC filings, Spruce Point Research",
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