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Show Valuation Bridge
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Matching slides 1,328
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Slide function
391-420 of 1,328
07
The slide uses a standard SOTP valuation structure to derive a 26% upside potential.Henry Schein, Inc. (HSIC) · 54_Spruce_Point_Capital
Activist deck Short seller Beat · Agitate (Make it worse)Loop · Pattern Hunter1 hit
35
The chart uses a blue horizontal line to represent the long-term average multiple of 13.4854x.Henry Schein, Inc. (HSIC) · 54_Spruce_Point_Capital
Activist deck Short seller Beat · Solution (Provide relief)1 hit
36
Includes a callout explaining the valuation discount applied to legacy HSIC.Henry Schein, Inc. (HSIC) · 54_Spruce_Point_Capital
Activist deck Short seller Beat · Solution (Provide relief)1 hit
10
Includes a specific callout on the Ukraine liability and debt maturity cliff in 2020.Maxar Technologies (MAXR) · Ben Axler
Activist deck Short seller Beat · Contradictions and CriticismsLoop · Aha Moment1 hit
68
The table includes specific adjustments for debt, cash, and investments, and explicitly notes the exclusion of a potential $227m Ukraine arbitration payout.Maxar Technologies (MAXR) · Ben Axler
Activist deck Short seller Beat · Contradictions and Criticisms1 hit
40
The slide uses a 'bridge' logic to derive the residual value of future growth expectations.2U, Inc. (TWOU) · 54_Spruce_Point_Capital
Activist deck Short seller Beat · Solution (Provide relief)Loop · Cost Of Inaction1 hit
43
Includes a callout box explaining the rationale for the peer multiple selection (5.0x-7.0x) based on student acquisition costs and program churn.2U, Inc. (TWOU) · 54_Spruce_Point_Capital
Activist deck Short seller Beat · Solution (Provide relief)Loop · Cost Of Inaction1 hit
09
The slide highlights concerns regarding the Tantan acquisition funding and potential shareholder dilution.Momo, Inc. (MOMO) · Ben Axler
Activist deck Short seller Beat · Problem StatementLoop · Aha Moment1 hit
70
The slide uses a standard financial model buildup to justify a short thesis price target.Momo, Inc. (MOMO) · Ben Axler
Activist deck Short seller Loop · Cost Of Inaction1 hit
48
Includes detailed footnotes explaining the overcapitalization adjustment methodology.U.S. Concrete Inc (USCR) · Ben Axler
Activist deck Short seller Beat · The VictoryLoop · Cost Of Inaction1 hit
07
The slide uses red boxes to highlight Spruce Point's adjusted metrics (P/E, Organic Sales Growth, and Adj EPS) which differ from Street estimates.Globant SA (GLOB) · 54_Spruce_Point_Capital
Activist deck Short seller Beat · Complication1 hit
37
The slide uses a red box to highlight the 'Regression' scenario as the primary focus of the activist thesis.Globant SA (GLOB) · 54_Spruce_Point_Capital
Activist deck Short seller Beat · Resolution1 hit
08
The slide uses historical valuation charts to argue that current multiples are at all-time highs, supporting a bearish thesis.Ballard Power Systems (BLDP) · Ben Axler
Activist deck Short seller Loop · Pattern Hunter1 hit
56
The slide highlights that 83% of the company's value is based on 'potential' new business, which the author argues is unjustified given the company's history.Ballard Power Systems (BLDP) · Ben Axler
Activist deck Short seller Loop · Cost Of Inaction1 hit
60
The slide uses a valuation-based approach to argue for a significant downside in the stock price.Ballard Power Systems (BLDP) · Ben Axler
Activist deck Short seller Loop · Cost Of Inaction1 hit
42
The slide uses a precedent-based valuation approach, comparing the target to REITs in financial decline.Realty Income Corp (O) · 54_Spruce_Point_Capital
Activist deck Short seller Beat · Solution1 hit
52
The charts suggest that current valuation multiples are at historical highs, which the author characterizes as being based on 'illusion results'.MGP Ingredients, Inc. (MGPI) · Ben Axler
Activist deck Short seller 1 hit
53
Includes two tables: one comparing Street vs. Spruce Point estimates, and one calculating price targets based on P/E and EBITDA multiples.MGP Ingredients, Inc. (MGPI) · Ben Axler
Activist deck Short seller 1 hit
64
Includes patent value adjustments and debt/cash adjustments to arrive at equity value.iRobot Corp (IRBT) · Spruce Point Management
Activist deck Short seller Beat · Expose Contradiction1 hit
49
The slide uses a bearish thesis to justify a significant downside in stock price based on multiple valuation metrics.Kratos Defense & Security Solutions (KTOS) · Ben Axler
Activist deck Short seller Beat · Solution1 hit
05
The slide argues that ACMR is undervalued across multiple valuation approaches, including peer multiples and DCF.ACM Research, Inc. (ACMR) · Kerrisdale Capital
Research note Short seller Beat · Problem1 hit
08
The slide combines a valuation discrepancy argument with a macro-thematic section on Chinese semiconductor self-sufficiency.ACM Research, Inc. (ACMR) · Kerrisdale Capital
Research note Short seller Beat · Agitate1 hit
26
The table compares a sum-of-the-parts valuation (stake in ACMS) against a DCF-derived future earnings valuation.ACM Research, Inc. (ACMR) · Kerrisdale Capital
Research note Short seller Beat · SolutionLoop · Quick Win Big Bet1 hit
27
Includes a detailed DCF table, valuation bridge, share derivation, and key assumptions.ACM Research, Inc. (ACMR) · Kerrisdale Capital
Research note Short seller Beat · SolutionLoop · Quick Win Big Bet1 hit
23
The chart uses a custom waterfall-like structure to show debt, equity, EBITDA, and debt service over 6 years.CoreWeave, Inc. (CRWV) · Kerrisdale Capital
Research note Short seller 1 hit
24
The slide presents a highly negative valuation analysis, projecting significant downside (88% to 95%) for the company.CoreWeave, Inc. (CRWV) · Kerrisdale Capital
Research note Short seller 1 hit
14
The slide uses a sum-of-parts (SOP) approach to value 'Core' and 'Custom networks' segments separately, then subtracts debt and pension liabilities to arrive at equity value.Lumen Technologies (LUMN) · Kerrisdale Capital
Research note Short seller Beat · Solution (Provide relief)Loop · Hypothesis Test1 hit
16
Includes a valuation table calculating net proceeds and a pro forma impact table on EBITDA, interest, capex, FCF, and net debt.Lumen Technologies (LUMN) · Kerrisdale Capital
Research note Short seller Beat · Solution (Provide relief)Loop · Hypothesis Test1 hit
07
The slide uses a short-thesis framework, contrasting Pure's performance with NetApp's.Pure Storage, Inc. (PSTG) · Kerrisdale Capital
Research note Short seller Beat · Villain CritiqueLoop · Cost Of Inaction1 hit
31
Includes a peer comparison table and a specific price target derivation table.Pure Storage, Inc. (PSTG) · Kerrisdale Capital
Research note Short seller Beat · Research NoteLoop · Cost Of Inaction1 hit