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  "documentTitle": "Limbach Holdings, Inc. (LMB)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-07-22 00:00:00",
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  "notes": "The slide highlights Limbach's premium valuation relative to peers, arguing it is unwarranted due to growth and accounting concerns.",
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      "text": "Limbach trades at over 18x our estimate for its FY26E Adj. EBITDA, a large premium when compared to peers. We believe this premium is unwarranted considering the Company's decelerating organic revenue growth, non-existent free cash flow growth, and its aggressive accounting methods which we believe may overstate earnings quality and obscure the true underlying volatility of the business.",
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      "text": "EV / EBITDA: 18.4x",
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      "text": "Source: Spruce Point analysis and based on 7/21/25 prices. Note: EBITDA figures are adjusted for finance lease costs where relevant and converted into US$ where relevant 83",
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