{
  "docId": "019dd923-622c-750b-8b99-a7a7a3284557",
  "docSlug": "1b5c4ae912d9",
  "documentTitle": "Dycom Industries, Inc. (DY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-02-19 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 40,
  "pageCount": 43,
  "prevPage": 39,
  "nextPage": 41,
  "slideType": "valuation_table",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 150,
  "notes": "The slide uses a comparison table to argue that Dycom's valuation is stretched due to its reliance on MSAs and high customer concentration.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-a7a7a3284557/40",
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  "components": [
    {
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      "kind": "callout",
      "text": "These factors support our case that Dycom should trade at a lower valuation to peers.",
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      "toolName": "Visual emphasis",
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    {
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      "kind": "metric",
      "text": "P/E: 30.5x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
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      "componentId": "019dd952-ee38-728b-98c1-9742e0df9a57",
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      "kind": "paragraph",
      "text": "We evaluate DY's valuation relative to construction and contracting service companies. We point out that companies that use Master Service Agreements (MSAs), or contracts with no commitments and which are easily cancellable, generally trade at lower multiples. Dycom has the highest exposure to MSAs. Furthermore, Dycom has three customers >10% vs. peers that have none or just one. These factors support our case that Dycom should trade at a lower valuation to peers.",
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        "h": 0.03,
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      "kind": "source-note",
      "text": "Source: Company financials, Bloomberg and Spruce Point estimates. Includes companies that reference MSAs in their SEC filings.",
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      "kind": "table",
      "text": "Peer Public Company Valuation Metrics table",
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      "kind": "title",
      "text": "We Believe DY's Valuation Appears Stretched",
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  "frameworks": [
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      "evidence": "The slide compares Dycom's valuation metrics against a peer group to argue for overvaluation.",
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      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document implies a solution, suggesting a 35% - 55% downside risk to DY's share price.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
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  ],
  "loops": [
    {
      "to": 43,
      "from": 38,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "e1a63e2a-9942-4c98-ba61-d28a34f3ed9d",
      "evidence": "The document implies that not selling DY could result in significant financial losses.",
      "position": 1,
      "objective": "What is the cost of not selling DY?",
      "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"
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