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  "documentTitle": "Super Group (SGHC) Limited (SGHC)",
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  "presentationDate": "2026-02-12 00:00:00",
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      "text": "If SGHC is improperly consolidating 100% of Raging River's financial results rather than 89.29%, we estimate it may be overstating 2025E EBITDA by approximately $30.7 million...",
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      "text": "If SGHC is improperly consolidating 100% of Raging River’s financial results rather than 89.29%, we estimate it may be overstating 2025E EBITDA by approximately $30.7 million which represents the 10.71% non-controlling (minority) interest.",
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      "text": "Key points regarding EBITDA overstatement, including the 10.71% minority interest in Raging River and evidence from public records.",
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      "text": "After conducting a forensic review of Super Group (SGHC) Ltd... we identified what we believe are serious issues with the integrity of its financial reporting...",
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      "text": "Spruce Point Issues \"Strong Sell\" Opinion On Super Group (SGHC) Ltd: 20% – 50% Downside Risk",
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