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  "documentTitle": "Construction Partners, Inc. (ROAD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-01-23 00:00:00",
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  "slideType": "valuation_table",
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  "notes": "The slide uses a 'valuation_table' to justify a short thesis, contrasting quantitative downside scenarios with qualitative 'Factors Why ROAD's Valuation Should Compress'.",
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      "text": "Spruce Point believes there is significant downside risk to ROAD's share price as its premium multiple is reconsidered by institutional investors in the face of our strong evidence to indicate that it is masking growing pressures.",
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      "text": "Spruce Point believes there is significant downside risk to ROAD’s share price as its premium multiple is reconsidered by institutional investors in the face of our strong evidence to indicate that it is masking growing pressures.",
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      "text": "Factors Why ROAD's Valuation Should Compress",
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      "text": "Est. Share Price: -48%",
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      "text": "Source: Company financials, Spruce Point research",
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      "text": "ROAD's Share Valuation table showing Sales and EBITDA multiple cases",
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      "text": "Spruce Point Estimates 35% – 50% Long-Term Potential Downside Risk",
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