{
  "docId": "019de072-1f6e-7109-8d50-4e45b3936efe",
  "docSlug": "033864d6d616563cf5318ae3626e6da2",
  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 65 slides",
  "authorId": "blackwells-capital",
  "authorName": "Blackwells Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-02-01 00:00:00",
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  "pageNumber": 17,
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  "notes": "Uses a decomposition of valuation based on FYE 6/2023 gross profit estimates.",
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  "slideHref": "/slides/019de072-1f6e-7109-8d50-4e45b3936efe/17",
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      "kind": "callout",
      "text": "Peloton is worth substantially more than its current stock price using Gross Profit multiples",
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      "text": "Peers EV / NTM Gross Profit",
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      "kind": "diagram",
      "text": "Decomposition of valuation from Gross Profit to Implied Share Price",
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      "text": "Peloton's peers currently trade at an average of 11.5x EV / NTM Gross Profit\nApplying a range of EV / Gross Profit on Peloton's FYE 6/30/23 expected gross profit yields an implied price per share of $59.36 - $83.96",
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      "kind": "source-note",
      "text": "Sources: Company filings. Consensus data from CapitalIQ. Company closing stock price trading session as of February 4, 2022, per Bloomberg. Note: Based on net debt of $711 million and 333 million shares outstanding.",
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      "kind": "title",
      "text": "PELOTON STOCK IS UNDERVALUED: EV/GROSS PROFIT",
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      "evidence": "Decomposition of gross profit into implied share price via multiples",
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      "name": "Golden Circle",
      "slug": "11-golden-circle",
      "bestFor": "Visionary leadership, brand positioning, mission statements",
      "matchId": "74a923c7-9706-414c-a2cd-ac4acf730c75",
      "evidence": "The document presents a clear and detailed critique of Peloton's management and governance",
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      "objective": "To present a clear call to action",
      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
      "confidence": 0.7,
      "description": "Invert the typical pitch by starting with why you exist, rather than what you do"
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