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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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  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-01-27 00:00:00",
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  "pageNumber": 93,
  "pageCount": 93,
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  "nDataPoints": 24,
  "notes": "The slide uses a sum-of-the-parts (SOTP) valuation approach to justify a bearish thesis.",
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      "text": "We value REZI as if it were two separate business using the valuation multiple implied by the trading comps on the previous slide. We believe that the businesses should trade at a discount to peers given lingering legacy operational and financial reporting issues, along with growing complexity from recent M&A. We see 25% - 50% downside risk and expect REZI to underperform the technology and home services sectors.",
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      "text": "Note: Diluted share count includes 18.6m shares from convertible preferred stock. 1) We assume $75-$100m of transaction costs with the spin-off. In 2019, REZI disclose $80m of costs from the spin-off. See note 5 of the 2019 Adj. EBITDA bridge.",
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      "kind": "list",
      "text": "Factors Favoring Multiple Compression: Disruption, legacy complexity, M&A digestion, credibility concerns, ERP costs, restatement risk, insider ownership, legal risks.",
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      "text": "Share Price Target: -52%",
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      "kind": "table",
      "text": "Sum-of-the-parts valuation table for ADI Global and P&S segments.",
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      "kind": "title",
      "text": "Spruce Point's Valuation Analysis Suggests 25% - 50% Downside Risk",
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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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