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  "documentTitle": "Hagerty | SPAC Presentation Deck | 44 slides",
  "authorId": "hagerty",
  "authorName": "Hagerty",
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  "presentationDate": "2021-08-01 00:00:00",
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  "notes": "Uses a scatter plot to show the correlation between organic growth and valuation multiples, highlighting Hagerty's position relative to peers.",
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      "kind": "callout",
      "text": "Discount to peers widens materially over the projection period, leaving room for upside if growth aspirations are met",
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      "text": "Hagerty pro forma transaction implied FV / EBITDA",
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      "text": "2023E organic growth vs FV / 2023E EBITDA multiple",
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      "kind": "paragraph",
      "text": "Note: Public companies employ analyst estimates for projections",
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      "text": "Source: FactSet, company filings, HUEG estimates, equity research. Note: Market data as of 8/16/2021. 1 2022E EBITDA excludes $26mm of operating expenses related to infrastructure scaling investments (see Pg. 34). 2 Represents inverse of corresponding transaction multiple.",
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      "kind": "title",
      "text": "Hagerty's exceptional rate of growth \"buys down\" the EBITDA multiple quickly",
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