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  "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",
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  "pageNumber": 42,
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  "notes": "The slide uses a comparison frame to highlight the discrepancy between the subject company and its peers.",
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      "kind": "callout",
      "text": "DY's elevated capex requirements also support our contention that its valuation should trade at a discount, not a premium, to industry peers.",
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      "kind": "chart",
      "text": "DY's 10-Year Historical Gross Capex Margin",
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      "kind": "chart",
      "text": "Peer Industry 2025E Gross Capex Margin",
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      "kind": "metric",
      "text": "capex margin: 5.0%",
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      "kind": "paragraph",
      "text": "As we previously highlighted, DY appears to be experiencing a capex planning problem. The Company's historical capex margin has averaged 5% which is materially higher than its construction and service peers at 2.1%. DY's elevated capex requirements also support our contention that its valuation should trade at a discount, not a premium, to industry peers.",
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      "kind": "source-note",
      "text": "Source: DY and peer company filings, Bloomberg estimates. Note: DY's FY 2018 not included due to calendar year shift, IESC is 2024A capex due to no analyst coverage",
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      "kind": "title",
      "text": "We Believe That DY's Higher Capex Needs Also Supports A Valuation Discount To Peers",
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      "evidence": "Direct comparison of DY's capex margin against peer group average to justify valuation thesis.",
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      "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",
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      "name": "Cost Of Inaction",
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      "evidence": "The document implies that not selling DY could result in significant financial losses.",
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