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  "docSlug": "c1709c763a52",
  "documentTitle": "Resideo Technologies, Inc. (REZI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-01-27 00:00:00",
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  "pageNumber": 92,
  "pageCount": 93,
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  "notes": "The slide uses a split-table format to compare two different business segments of Resideo against their respective peer groups.",
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      "kind": "callout",
      "text": "For this reason, along with our forensic analysis detailing multiple reporting concerns, we believe REZI should be valued at a discount to industry peers.",
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      "text": "EV / '26E Revenue",
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      "kind": "paragraph",
      "text": "To more easily evaluate the newly separated REZI, we show what its gross margins, revenue growth, and revenue multiple look like relative to industry peers. We believe margin and revenue growth are two important factors for its multiple. Based on our analysis and estimates, while its ADI margins are above average, everything else is below industry average. For this reason, along with our forensic analysis detailing multiple reporting concerns, we believe REZI should be valued at a discount to industry peers.",
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      "kind": "source-note",
      "text": "Source: Company filings, Bloomberg Consensus estimates, and Spruce Point analysis.",
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      "text": "Comparison table of Distribution and Products and Services peers",
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      "kind": "title",
      "text": "How REZI's Pro Forma Multiple Is Likely To Measure Against Peers",
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      "evidence": "The document implies that a short sale is the solution, providing a sum-of-the-parts analysis and valuation multiples to support the bearish outlook.",
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      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
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