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  "docSlug": "jarvis-macellum-spartan-nash-presentation-may-2022",
  "documentTitle": "Macellum Spartan Nash Presentation May 2022",
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  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-05-01 00:00:00",
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  "pageNumber": 27,
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  "slideType": "valuation_table",
  "function": "compare_peers",
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      "kind": "callout",
      "text": "SPTN IS TRADING BELOW THE INDUSTRY AT A 12-MONTH FV/EBITDA OF 7.1X COMPARED TO AN INDUSTRY AVERAGE OF 9.1X AND ITS PROXY PEER GROUP OF 8.5X",
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      "text": "Source: Company SEC Filings, Bloomberg LP as of 03/17/2022. See slide 5 for list of peers",
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      "text": "Retail Peer Average, Food/Drug Avg., 7.2x, 7.7x; Food Distribution Peer Average, Food Dist. Avg., 11.8x, 9.6x; Other Distributors/Wholesalers Peer Average, Other Avg., 8.4x, 7.7x; Proxy Peer Group Companies Average, Proxy Peers, 8.5x, 8.1x; Overall Average, Average, 9.1x, 8.4x; SpartanNash (SPTN), SPTN, 7.1x, 6.9x",
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      "kind": "title",
      "text": "THE CUMULATIVE RESULT IS REFLECTED IN A VALUATION THAT LAGS PEERS",
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      "evidence": "The document agitates the problems by highlighting poor governance, failed M&A, and misaligned executive compensation",
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      "name": "Cost Of Inaction",
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      "objective": "What is the cost of inaction for SpartanNash shareholders?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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