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  "docSlug": "jarvis-engine-capital-houghton-mifflin-harcourt-presentation-march-2022",
  "documentTitle": "Engine Capital Houghton Mifflin Harcourt Presentation March 2022",
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  "nDataPoints": 12,
  "notes": "The slide uses a red dashed box to highlight the 2024 valuation multiple in both charts.",
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      "text": "Forward EV / Unlevered Free Cash Flow",
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      "text": "Forward EV / Unlevered Free Cash Flow (including cumulative cash flow generation)",
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      "text": "Source: Company's Schedule 14D-9, filed on March 7, 2022",
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      "kind": "paragraph",
      "text": "At $21 per share, Veritas is buying the Company for 7.6x 2024 unlevered free cash flow, a multiple that is too low for a business with the positive characteristics of HMHC. If we include the free cash flow generated over time, Veritas is only paying 6.2x 2024 unlevered free cash flow",
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      "kind": "title",
      "text": "The $21 per share offer undervalues Houghton Mifflin",
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