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  "documentTitle": "Construction Partners, Inc. (ROAD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-01-23 00:00:00",
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  "notes": "The slide uses a red arrow to visually connect the 'Inaccurate Financial Data' box to the 'Spruce Point's Pro Forma Adjusted Capital Structure' table, emphasizing the correction.",
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      "text": "Spruce Point believes that current market data services fail to accurately reflect ROAD’s share count and capital structure pro forma for the Lone Star acquisition.",
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      "text": "Enterprise Value: $6,514.5",
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      "text": "Spruce Point believes that current market data services fail to accurately reflect ROAD's share count and capital structure pro forma for the Lone Star acquisition. As a result, we believe the market's valuation of the stock is understated.",
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      "text": "Source: ROAD, Pro Forma financials, Spruce Point analysis, CapitalIQ, Bloomberg, Yahoo! Finance",
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      "text": "We Believe The Market Mismodels ROAD's Capital Structure",
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