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  "documentTitle": "Remitly Global, Inc. (RELY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-03-11 00:00:00",
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  "pageNumber": 73,
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  "notes": "The slide uses a standard valuation bridge format to derive implied share price from EBITDA multiples.",
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      "text": "Spruce Point believes there is significant downside risk to RELY’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 RELY’s Valuation Should Compress: Risk of material weaknesses, lack of transparency, take rate pressure, core market straying, expansion limits, liquidity risks, product development issues, regulatory risk, labor/retention issues, immigration policy, crypto disruption, competition, leadership vacuum, cash questions.",
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      "text": "Est. Share Price: $9.51",
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      "text": "Source: Company financials, Spruce Point research",
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      "kind": "table",
      "text": "RELY’s Share Valuation table showing 2025E EBITDA, Multiple Range, Enterprise Value, Debt, Cash, Equity Value, Diluted Shares, Est. Share Price, and % Downside.",
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      "kind": "title",
      "text": "Spruce Point Estimates 40% – 55% Long-Term Potential Downside Risk",
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