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  "documentTitle": "Construction Partners, Inc. (ROAD)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-01-23 00:00:00",
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  "notes": "The table highlights ROAD's missing data with '??' in a red-highlighted column.",
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      "kind": "callout",
      "text": "Spruce Point believes that ROAD's disclosures of its aggregate reserves are inadequate to fully access the risks of owning its shares or its valuation relative to peers that do disclose such information.",
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      "text": "Proven & Probable Reserves",
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      "text": "Spruce Point believes that ROAD's disclosures of its aggregate reserves are inadequate to fully access the risks of owning its shares or its valuation relative to peers that do disclose such information.",
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      "kind": "quote",
      "text": "Would you be skeptical of investing in a company if they didn't disclose how much proven and probable aggregates they had... Would that be a red flag? Absolutely...",
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      "kind": "quote",
      "text": "Absolutely, I mean you can buy a great aggregate business but if they are almost out of reserves, then what are you buying? The true value is the rock in the ground. Whenever we would buy a company, we would go out and do extensive drilling just to verify what they were saying and to prove to ourselves the rock was a certain quality and there was X amount of tons of reserves. — Industry Expert",
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      "kind": "source-note",
      "text": "Source: KNF, ROAD, CRH, GVA, SUM, MLM, ACA, Spruce Point research interview. 1) Excludes ~350m tons of estimated reserves from Stavola acquisition.",
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      "text": "Year End 2023 Proven & Probable Reserve Reporting table comparing CRH, Martin Marietta, Vulcan, Summit, Arcosa, Knife River, Granite, and ROAD.",
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      "kind": "title",
      "text": "We Do Not Believe ROAD Should Trade At A Premium To Construction Material Producers",
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