{
  "docId": "019dd923-622c-750b-8b99-a016b8cafb9e",
  "docSlug": "aeaf881b8cf7",
  "documentTitle": "Construction Partners, Inc. (ROAD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-01-23 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 62,
  "pageCount": 70,
  "prevPage": 61,
  "nextPage": 63,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 288,
  "notes": "The table highlights that ROAD's valuation multiples (EV/EBITDA) are significantly higher than the peer group averages.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-a016b8cafb9e/62",
  "deckHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e#slide-62",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.98,
        "x": 0.01,
        "y": 0.16
      },
      "kind": "callout",
      "text": "We evaluate ROAD's valuation relative to a mix of heavy / civil construction and materials and aggregates companies.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4da03e99-0e95-483f-888e-11c58e814410",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We evaluate ROAD’s valuation relative to a mix of heavy / civil construction and materials and aggregates companies.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b4-767c-9bf6-a766d863dcff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV / EBITDA: 28.8x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b4-767c-9bf6-a8b0a076a531",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.98,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Company financials, Bloomberg and Spruce Point estimates. ROAD is adjusted for LSP acquisition. ACA is adjusted for Stavola acquisition.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a3af92b-8b5d-48d7-add8-f403cfc119d2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.72,
        "w": 0.83,
        "x": 0.16,
        "y": 0.22
      },
      "kind": "table",
      "text": "Peer Public Company Valuation Metrics table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9407204c-90ee-4a1b-a5d6-77ee07bb1ad1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.65,
        "x": 0.32,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Believe ROAD's Valuation Appears Stretched",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d17c10e6-c42b-4efc-891c-5fd622a849bd",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "f119a329-d00e-4582-bbaa-d0cd31de6c53",
      "evidence": "Comparison of valuation metrics between target company and peer group",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 70,
      "from": 58,
      "beatId": "cb4864a9-648d-4fe9-b780-5fba03a185fd",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The deck concludes with an estimate of 35-50% downside risk and a call to action for investors.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 70,
      "from": 58,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "6d5a7a7c-c6d9-417f-836e-b17478284dcb",
      "evidence": "The deck concludes with an estimate of 35-50% downside risk and a call to action for investors.",
      "position": 4,
      "objective": "What is the potential downside risk to ROAD's share price?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}