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  "documentTitle": "Construction Partners, Inc. (ROAD)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Includes a quote from a Tegus interview to support the argument that aggregate permitting is difficult, implying ROAD's reserves are less valuable than the market assumes.",
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      "text": "Spruce Point believes the market materially misvalues ROAD by not only miscalculating its enterprise value for the recent LSP acquisition, but also by mistaking it for a high-quality aggregate and material producer.",
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      "text": "Spruce Point believes the market materially misvalues ROAD by not only miscalculating its enterprise value for the recent LSP acquisition, but also by mistaking it for a high-quality aggregate and material producer.",
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      "kind": "quote",
      "text": "And good rock isn't everywhere. It doesn't exist everywhere. But permitting is much more difficult than it was 15, 20 years ago or even less.",
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      "text": "And good rock isn't everywhere. It doesn't exist everywhere. But permitting is much more difficult than it was 15, 20 years ago or even less. I mean it is changing every day with what local governments and people in general, society of general is willing to allow. So, permitting is becoming much, much more difficult. — Tegus Interview, Former BU Controller At A Leading Public Co. Aggregate Company",
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      "text": "Source: Company financials, Bloomberg and Spruce Point estimates, Tegus Research (August 13, 2024). Note: ROAD pro forma for LSP acquisition. ACA is adjusted for Stavola acquisition.",
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      "text": "We Believe ROAD's Valuation Is Excessive And Reflects A Misunderstanding Of Its Business",
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