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  "documentTitle": "Altair US LLC | Activist Presentation Deck | 38 slides",
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      "kind": "quote",
      "text": "There has been a lack of enthusiasm from our investor conversations this morning... We believe the [near-term] outlook likely pushed the needle towards taking a deal at a multiple that could prove conservative over the [long-term] and may have been a bit lower than what some investors were hoping for.",
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      "text": "We view the transaction and valuation as a somewhat neutral outcome for shareholders believing a valuation closer to 9x was more reasonable given the long term durable growth opportunity in front of Avalara... We do wonder if they could do better than the current implied valuation.",
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      "kind": "quote",
      "text": "9x EV/NTM Revenue is a steep discount from Avalara’s peak multiple of 23x in October 2020...",
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      "kind": "quote",
      "text": "[W]e are a little surprised at AVLR’s willingness to sell at $93.50 given its recently laid out medium-term targets ($250 million of FCF by CY 25) and an aspirational goal of reaching $3 billion in revenue.",
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      "kind": "quote",
      "text": "Given Avalara’s leading position in the large and underpenetrated market for tax compliance automation software, our initial view is that the proposed transaction price is somewhat underwhelming.",
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      "text": "Source: Analyst research notes, all dated August 8, 2022.",
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      "text": "Analysts Agree the Price Is Low",
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