{
  "docId": "019dd923-622c-750b-8b99-daa7bab7aec2",
  "docSlug": "f687a225f056",
  "documentTitle": "Enfusion, Inc. (ENFN)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-14 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 30,
  "pageCount": 30,
  "prevPage": 29,
  "nextPage": null,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 24,
  "notes": "The slide uses a 'short thesis' structure, combining quantitative valuation modeling with qualitative red flags.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "valuation_table",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-daa7bab7aec2/30",
  "deckHref": "/decks/019dd923-622c-750b-8b99-daa7bab7aec2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-daa7bab7aec2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-daa7bab7aec2#slide-30",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.98,
        "x": 0.01,
        "y": 0.16
      },
      "kind": "callout",
      "text": "We believe Enfusion’s share price is wildly overvalued and misunderstood. There are many reasons why its rich 6x revenue multiple should contract which would justify 40% - 60% downside risk to its share price.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "07b40d6f-c1fc-4eed-9d1e-006a1757a705",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.47,
        "x": 0.52,
        "y": 0.27
      },
      "kind": "list",
      "text": "Factors Why We Believe Enfusion’s Multiple Should Compress",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4fc30cc1-3e22-45e5-b766-9f2b663eeaae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "downside: 40% - 60%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b5-7512-b5b8-04f81d1da470",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.01,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: ENFN financials and Spruce Point analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ddf666da-e539-4c9c-b04b-60829a2135d3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.49,
        "x": 0.01,
        "y": 0.27
      },
      "kind": "table",
      "text": "Valuation table showing Base and Bull cases for 2024E revenue, multiples, EV, adjustments, and resulting share price downside.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1c1fae1a-c46e-4237-9f8f-c71d36cce8a0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.65,
        "x": 0.32,
        "y": 0.02
      },
      "kind": "title",
      "text": "Spruce Point Estimates Approximately 40% – 60% Downside Risk To ENFN",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1a4fa2af-279a-4191-8496-7636b8ebc710",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "a7e11866-c29b-4bc7-91f8-1d22e87a09d1",
      "evidence": "Valuation table showing Base and Bull cases for 2024E revenue, multiples, EV, adjustments, and resulting share price downside.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "valuation-bridge",
      "slug": null,
      "matchId": "8412bee7-eacb-4284-820a-542a4ebdd65f",
      "evidence": "The table reconciles Enterprise Value to Equity Value and Share Price.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 29,
      "beatId": "58b53ac0-592e-4801-b004-188b5bc12df5",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Resolution",
      "beatSlug": "resolution",
      "evidence": "The document concludes with a clear call to action and valuation reveal",
      "position": 5,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}