{
  "docId": "019f6b8f-2c96-7579-a769-2e509f3e13c4",
  "docSlug": "jarvis-legion-one-span-presentation-may-2021",
  "documentTitle": "Legion One Span Presentation May 2021",
  "authorId": "legion-one-span-presentation-may-2021",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-05-01 00:00:00",
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  "pageNumber": 49,
  "pageCount": 154,
  "prevPage": 48,
  "nextPage": 50,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 7,
  "notes": "The chart uses a waterfall-bridge structure to reconcile current price with an implied valuation.",
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  "slideHref": "/slides/019f6b8f-2c96-7579-a769-2e509f3e13c4/49",
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      "kind": "chart",
      "text": "2021E Sum-of-the-Parts Analysis",
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      "subkind": "waterfall-bridge",
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      },
      "kind": "paragraph",
      "text": "Average ARR growth for direct software peers is 40%, resulting in an average EV / ARR of 21.7x – given OSPN ARR is growing roughly 30% per annum, we conservatively assign a ~40% discount, 13.5x EV / ARR, as profitability is unclear",
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      },
      "kind": "source-note",
      "text": "Note: All OSPN figures as of 3/31/21 other than Hardware 2021E revenue of ~$77mm (with ~25% EBITDA margin)\nSource: SEC Filings, Capital IQ (as of 5/14/21), Legion Partners' Estimates",
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      },
      "kind": "title",
      "text": "We Believe a ~40% Discount to Peers Implies ~75% Upside",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle for Change",
      "beatSlug": null,
      "evidence": "Legion presents its efforts to engage with the board and push for change",
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  "loops": [
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "6e5236e4-bdf4-45fd-9dda-e4dd2b1e57d8",
      "evidence": "Legion highlights the consequences of inaction",
      "position": 1,
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
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