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  "documentTitle": "Construction Partners, Inc. (ROAD)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-01-23 00:00:00",
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  "notes": "The slide uses a combination of a stock price/estimate chart and a data table to highlight the disconnect between market sentiment and operational reality.",
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      "kind": "callout",
      "text": "Revenue estimates crept higher despite Florida awards declining and estimates just increased after the LSP deal",
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      "text": "ROAD's 2025E Revenues",
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      "text": "2025E Revenues: 2.532B",
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      "text": "ROAD's revenue expectations for FY25 largely reflect the acquisition of LSP, which was said to generate $530 million in revenue and close by the end of Q1'25 (Dec 31, 2024). However, the transaction closed early on Nov 1, 2024 and ROAD updated its revenue guidance from $2.42 - $2.58 billion. The market has largely adjusted revenue expectations higher based on the transaction, but did not appear to be adjusting revenue for lost Florida DOT awards. No projections have been provided for the Overland Corp. acquisition.",
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      "kind": "source-note",
      "text": "Source: Bloomberg, LSP announcement and updated guidance",
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      "text": "Snapshot and Full Revision History tables",
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      "kind": "title",
      "text": "We Believe Market Projections Fail To Account For A Swoon In Florida Contracts",
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      "evidence": "The deck concludes with an estimate of 35-50% downside risk and a call to action for investors.",
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      "objective": "What is the potential downside risk to ROAD's share price?",
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