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Information, analysis and actionable ideas to help you see the other side of the Wall Street hype machine.
Information, analysis and actionable ideas to help you see the other side of the Wall Street hype machine.
After conducting a forensic review of Super Group (SGHC) Ltd (NYSE: SGHC) ("SGHC“, “Super Group” or the "Company"), an online sports betting and gaming company and 2022 vintage SPAC transaction domiciled in Guernsey, we identified what we believe are serious issues with the integrity of its financial reporting and transactions with a closely connected shareholder. Our work points to a material omission of a minority ownership interest in its crown‑jewel South African subsidiary, Raging River Trading (Pty) Ltd (“Raging River”). SGHC states that it owns 100% of the subsidiary but our documentary evidence contradicts this claim.
Here Are The Key Points Why We Believe Super Group’s EBITDA Is Materially Overstated:
•SGHC designates Raging River as a "principal subsidiary“ and its 20-F filed in 2025 claims it owns 100% as of year end 2024.
•Why is it material? We believe the subsidiary’s 2025E EBITDA is approximately $287 million or ~52% of SGHC’s total 2025E EBITDA. SGHC’s financials show that Raging River has produced a very attractive 36.5% EBITDA margin. SGHC’s financial reporting, as currently presented, captures 100% of the subsidiary’s extremely strong economics.
•A public notice from May 2024 at South Africa’s Western Cape Gambling and Racing Board discloses that Betway Cares Foundation NPC will acquire a 10.71% direct financial interest in Raging River, reducing SGHC's ownership to 89.29%. However, no formal notification that the transaction actually closed has been fully advertised.
•Spruce Point obtained a copy of a public record request in November 2024 of a B-BBEE verification certificate issued by SANAS-accredited agency EmpowerLogic which confirms that Raging River has 10.71% Black ownership, with a measurement period ending December 31, 2023, potentially proving this ownership structure existed more than a year before SGHC's December 31, 2024, fiscal year-end.
If SGHC is improperly consolidating 100% of Raging River’s financial results rather than 89.29%, we estimate it may be overstating 2025E EBITDA by approximately $30.7 million which represents the 10.71% non-controlling (minority) interest. This would represent a material misstatement that strikes at the heart of SGHC's reported profitability and raises fundamental questions why the Company recently changed auditors and whether past material weaknesses of internal controls have been remediated as claimed. In addition to disruption from prediction markets, we believe investors should also be concerned by its complex corporate structure, transactions with its largest connected shareholder, and exposure to rising regulatory and tax costs. If we adjust SGHC’s EBITDA for the minority interest and value the Company at 4.0x –6.0x EBITDA, consistent with its valuation range in 2024 when it started missing financial projections, we estimate approximately 20% – 50% downside risk to $4.25 – $6.80 per share and expect the share price to significantly underperform the equity market and the gaming industry.
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By downloading from, or viewing material on, this website you agree to the following Terms of Service. Use of Spruce Point Capital Management LLC’s research is at your own risk. In no event should Spruce Point Capital Management LLC or any affiliated party be liable for any direct or indirect trading losses caused by any information on this site. You further agree to do your own research and due diligence, consult your own financial, legal, and tax advisors before making any investment decision with respect to transacting in any securities covered herein.
The research presentations found on this website express our research opinions. Spruce Point Capital Management LLC (“SPCM” or "we") is a practitioner of an investment approach known as research activism. Investments are selected based on SPCM’s belief that the market’s consensus view of a security is materially misguided. Once such an investment has been identified, detailed diligence is conducted and documented in a research presentation, report, or letter to be later shared with the public. Once the research report is released, market participants are anticipated to review the merits of the arguments. The report is intended to contribute to market discourse and inform investor sentiment, which informs trading decisions and reflects in market pricing. You should assume that as of the publication date of any short-biased report or letter, SPCM (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a material short position in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein declines. Likewise, you should assume that as of the publication date of any long-biased report or letter, SPCM (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a material long position in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein rises. Following publication of any long or short report or letter, we intend to continue transacting in the securities covered herein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation, conclusions, or opinions.
In order to manage risk, we may close open positions as we deem prudent. We do not provide “price targets”, although we may express our opinion of what the security is worth. An opinion of the value of a security differs from a price target in that we do not purport to have any insight as to how the market as a whole might value a security – we can only speak for how we, ourselves, view its value. We therefore do not hold a position until it reaches a certain price target, nor do we hold positions until they reach the price at which we have expressed a valuation opinion. There are numerous factors that enter into investment decisions aside from opinions of the value of the security, including without limitation, the borrow cost of a shorted security, the potential for a “short squeeze”, prudent risk sizing relative to capital and volatility, reduced information asymmetry, the opportunity cost of capital, client expectations, and the ability to hedge market risk, among other things. Therefore, you should assume that upon publication of any report, we will, or have begun to, close a substantial portion – possibly the entirety – of our positions in the covered issuer’s securities.
This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Such an offer or solicitation can only be made by the confidential private placement memoranda relating to the investment vehicles managed by SPCM which we will provide only to qualified offerees. SPCM is registered with the SEC as an investment advisor. However, you should not assume that any discussion or information contained in this presentation serves as the receipt of personalized investment advice from SPCM. SPCM is not registered as a broker/dealer or accounting firm.
To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. However, such information is presented “as is,” without warranty of any kind – whether express or implied. SPCM makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and SPCM does not undertake to update or supplement this report or any of the information contained herein.
If you are in the United Kingdom, you confirm that you are subscribing and/or accessing SPCM research and materials on behalf of:
(A) a high net worth entity (e.g., a company with net assets of GBP 5 million or a high value trust) falling within Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”); or
(B) an investment professional (e.g., a financial institution, government or local authority, or international organization) falling within Article 19 of the FPO.
You agree that the information on this website is copyrighted, and you therefore agree not to distribute this information (whether the downloaded file, copies / images / reproductions, or the link to these files) in any manner other than by providing the following link — https://www.sprucepointcap.com
If you have obtained SPCM research in any manner other than by download from the aforementioned link(s), you may not read such research without going to the aforementioned link(s) and agreeing to the Terms of Service. You further agree that any dispute arising from your use of this report and / or the SPCM website or viewing the material hereon shall be governed by the laws of New York, without regard to any conflict of law provisions. You knowingly and independently agree to submit to the personal and exclusive jurisdiction of the superior courts located within the State of New York and waive your right to any other jurisdiction or applicable law, given that SPCM has an office in New York. The failure of SPCM to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of this right or provision. If any provision of these Terms of Service is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision and rule that the other provisions of these Terms of Service remain in full force and effect, in particular as to this governing law and jurisdiction provision. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this website or the material herein must be filed within one (1) year after such claim or cause of action arose or be forever barred.
SPCM and the terms, logos and marks included on this Site that identify Spruce Point services and products are proprietary materials. Copyright in the pages and in the screens of this website, and in the information and material therein, is proprietary material owned by SPCM unless otherwise indicated. Unless otherwise noted, all information provided on this site is provided by SPCM and is subject to copyright and trademark laws. Logos and marks contained in links to third party sites belong to their respective owners. All users may not reproduce, modify, copy, alter in any way, distribute, sell, resell, transmit, transfer, license, assign or publish such information.
By downloading from, or viewing material on, this website you agree to the following Terms of Service. Use of Spruce Point Capital Management LLC’s research is at your own risk. In no event should Spruce Point Capital Management LLC or any affiliated party be liable for any direct or indirect trading losses caused by any information on this site. You further agree to do your own research and due diligence, consult your own financial, legal, and tax advisors before making any investment decision with respect to transacting in any securities covered herein.
The research presentations found on this website express our research opinions. Spruce Point Capital Management LLC (“SPCM” or "we") is a practitioner of an investment approach known as research activism. Investments are selected based on SPCM’s belief that the market’s consensus view of a security is materially misguided. Once such an investment has been identified, detailed diligence is conducted and documented in a research presentation, report, or letter to be later shared with the public. Once the research report is released, market participants are anticipated to review the merits of the arguments. The report is intended to contribute to market discourse and inform investor sentiment, which informs trading decisions and reflects in market pricing. You should assume that as of the publication date of any short-biased report or letter, SPCM (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a material short position in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein declines. Likewise, you should assume that as of the publication date of any long-biased report or letter, SPCM (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a material long position in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein rises. Following publication of any long or short report or letter, we intend to continue transacting in the securities covered herein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation, conclusions, or opinions.
In order to manage risk, we may close open positions as we deem prudent. We do not provide “price targets”, although we may express our opinion of what the security is worth. An opinion of the value of a security differs from a price target in that we do not purport to have any insight as to how the market as a whole might value a security – we can only speak for how we, ourselves, view its value. We therefore do not hold a position until it reaches a certain price target, nor do we hold positions until they reach the price at which we have expressed a valuation opinion. There are numerous factors that enter into investment decisions aside from opinions of the value of the security, including without limitation, the borrow cost of a shorted security, the potential for a “short squeeze”, prudent risk sizing relative to capital and volatility, reduced information asymmetry, the opportunity cost of capital, client expectations, and the ability to hedge market risk, among other things. Therefore, you should assume that upon publication of any report, we will, or have begun to, close a substantial portion – possibly the entirety – of our positions in the covered issuer’s securities.
This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Such an offer or solicitation can only be made by the confidential private placement memoranda relating to the investment vehicles managed by SPCM which we will provide only to qualified offerees. SPCM is registered with the SEC as an investment advisor. However, you should not assume that any discussion or information contained in this presentation serves as the receipt of personalized investment advice from SPCM. SPCM is not registered as a broker/dealer or accounting firm.
To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. However, such information is presented “as is,” without warranty of any kind – whether express or implied. SPCM makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and SPCM does not undertake to update or supplement this report or any of the information contained herein.
If you are in the United Kingdom, you confirm that you are subscribing and/or accessing SPCM research and materials on behalf of:
(A) a high net worth entity (e.g., a company with net assets of GBP 5 million or a high value trust) falling within Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”); or
(B) an investment professional (e.g., a financial institution, government or local authority, or international organization) falling within Article 19 of the FPO.
You agree that the information on this website is copyrighted, and you therefore agree not to distribute this information (whether the downloaded file, copies / images / reproductions, or the link to these files) in any manner other than by providing the following link — https://www.sprucepointcap.com
If you have obtained SPCM research in any manner other than by download from the aforementioned link(s), you may not read such research without going to the aforementioned link(s) and agreeing to the Terms of Service. You further agree that any dispute arising from your use of this report and / or the SPCM website or viewing the material hereon shall be governed by the laws of New York, without regard to any conflict of law provisions. You knowingly and independently agree to submit to the personal and exclusive jurisdiction of the superior courts located within the State of New York and waive your right to any other jurisdiction or applicable law, given that SPCM has an office in New York. The failure of SPCM to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of this right or provision. If any provision of these Terms of Service is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision and rule that the other provisions of these Terms of Service remain in full force and effect, in particular as to this governing law and jurisdiction provision. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this website or the material herein must be filed within one (1) year after such claim or cause of action arose or be forever barred.
SPCM and the terms, logos and marks included on this Site that identify Spruce Point services and products are proprietary materials. Copyright in the pages and in the screens of this website, and in the information and material therein, is proprietary material owned by SPCM unless otherwise indicated. Unless otherwise noted, all information provided on this site is provided by SPCM and is subject to copyright and trademark laws. Logos and marks contained in links to third party sites belong to their respective owners. All users may not reproduce, modify, copy, alter in any way, distribute, sell, resell, transmit, transfer, license, assign or publish such information.
By downloading from, or viewing material on, this website you agree to the following Terms of Service. Use of Spruce Point Capital Management LLC’s research is at your own risk. In no event should Spruce Point Capital Management LLC or any affiliated party be liable for any direct or indirect trading losses caused by any information on this site. You further agree to do your own research and due diligence, consult your own financial, legal, and tax advisors before making any investment decision with respect to transacting in any securities covered herein.
The research presentations found on this website express our research opinions. Spruce Point Capital Management LLC (“SPCM” or "we") is a practitioner of an investment approach known as research activism. Investments are selected based on SPCM’s belief that the market’s consensus view of a security is materially misguided. Once such an investment has been identified, detailed diligence is conducted and documented in a research presentation, report, or letter to be later shared with the public. Once the research report is released, market participants are anticipated to review the merits of the arguments. The report is intended to contribute to market discourse and inform investor sentiment, which informs trading decisions and reflects in market pricing. You should assume that as of the publication date of any short-biased report or letter, SPCM (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a material short position in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein declines. Likewise, you should assume that as of the publication date of any long-biased report or letter, SPCM (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a material long position in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein rises. Following publication of any long or short report or letter, we intend to continue transacting in the securities covered herein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation, conclusions, or opinions.
In order to manage risk, we may close open positions as we deem prudent. We do not provide “price targets”, although we may express our opinion of what the security is worth. An opinion of the value of a security differs from a price target in that we do not purport to have any insight as to how the market as a whole might value a security – we can only speak for how we, ourselves, view its value. We therefore do not hold a position until it reaches a certain price target, nor do we hold positions until they reach the price at which we have expressed a valuation opinion. There are numerous factors that enter into investment decisions aside from opinions of the value of the security, including without limitation, the borrow cost of a shorted security, the potential for a “short squeeze”, prudent risk sizing relative to capital and volatility, reduced information asymmetry, the opportunity cost of capital, client expectations, and the ability to hedge market risk, among other things. Therefore, you should assume that upon publication of any report, we will, or have begun to, close a substantial portion – possibly the entirety – of our positions in the covered issuer’s securities.
This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Such an offer or solicitation can only be made by the confidential private placement memoranda relating to the investment vehicles managed by SPCM which we will provide only to qualified offerees. SPCM is registered with the SEC as an investment advisor. However, you should not assume that any discussion or information contained in this presentation serves as the receipt of personalized investment advice from SPCM. SPCM is not registered as a broker/dealer or accounting firm.
To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. However, such information is presented “as is,” without warranty of any kind – whether express or implied. SPCM makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and SPCM does not undertake to update or supplement this report or any of the information contained herein.
If you are in the United Kingdom, you confirm that you are subscribing and/or accessing SPCM research and materials on behalf of:
(A) a high net worth entity (e.g., a company with net assets of GBP 5 million or a high value trust) falling within Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”); or
(B) an investment professional (e.g., a financial institution, government or local authority, or international organization) falling within Article 19 of the FPO.
You agree that the information on this website is copyrighted, and you therefore agree not to distribute this information (whether the downloaded file, copies / images / reproductions, or the link to these files) in any manner other than by providing the following link — https://www.sprucepointcap.com
If you have obtained SPCM research in any manner other than by download from the aforementioned link(s), you may not read such research without going to the aforementioned link(s) and agreeing to the Terms of Service. You further agree that any dispute arising from your use of this report and / or the SPCM website or viewing the material hereon shall be governed by the laws of New York, without regard to any conflict of law provisions. You knowingly and independently agree to submit to the personal and exclusive jurisdiction of the superior courts located within the State of New York and waive your right to any other jurisdiction or applicable law, given that SPCM has an office in New York. The failure of SPCM to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of this right or provision. If any provision of these Terms of Service is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision and rule that the other provisions of these Terms of Service remain in full force and effect, in particular as to this governing law and jurisdiction provision. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this website or the material herein must be filed within one (1) year after such claim or cause of action arose or be forever barred.
SPCM and the terms, logos and marks included on this Site that identify Spruce Point services and products are proprietary materials. Copyright in the pages and in the screens of this website, and in the information and material therein, is proprietary material owned by SPCM unless otherwise indicated. Unless otherwise noted, all information provided on this site is provided by SPCM and is subject to copyright and trademark laws. Logos and marks contained in links to third party sites belong to their respective owners. All users may not reproduce, modify, copy, alter in any way, distribute, sell, resell, transmit, transfer, license, assign or publish such information.
By downloading from, or viewing material on, this website you agree to the following Terms of Service. Use of Spruce Point Capital Management LLC’s research is at your own risk. In no event should Spruce Point Capital Management LLC or any affiliated party be liable for any direct or indirect trading losses caused by any information on this site. You further agree to do your own research and due diligence, consult your own financial, legal, and tax advisors before making any investment decision with respect to transacting in any securities covered herein.
The research presentations found on this website express our research opinions. Spruce Point Capital Management LLC (“SPCM” or "we") is a practitioner of an investment approach known as research activism. Investments are selected based on SPCM’s belief that the market’s consensus view of a security is materially misguided. Once such an investment has been identified, detailed diligence is conducted and documented in a research presentation, report, or letter to be later shared with the public. Once the research report is released, market participants are anticipated to review the merits of the arguments. The report is intended to contribute to market discourse and inform investor sentiment, which informs trading decisions and reflects in market pricing. You should assume that as of the publication date of any short-biased report or letter, SPCM (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a material short position in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein declines. Likewise, you should assume that as of the publication date of any long-biased report or letter, SPCM (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a material long position in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein rises. Following publication of any long or short report or letter, we intend to continue transacting in the securities covered herein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation, conclusions, or opinions.
In order to manage risk, we may close open positions as we deem prudent. We do not provide “price targets”, although we may express our opinion of what the security is worth. An opinion of the value of a security differs from a price target in that we do not purport to have any insight as to how the market as a whole might value a security – we can only speak for how we, ourselves, view its value. We therefore do not hold a position until it reaches a certain price target, nor do we hold positions until they reach the price at which we have expressed a valuation opinion. There are numerous factors that enter into investment decisions aside from opinions of the value of the security, including without limitation, the borrow cost of a shorted security, the potential for a “short squeeze”, prudent risk sizing relative to capital and volatility, reduced information asymmetry, the opportunity cost of capital, client expectations, and the ability to hedge market risk, among other things. Therefore, you should assume that upon publication of any report, we will, or have begun to, close a substantial portion – possibly the entirety – of our positions in the covered issuer’s securities.
This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Such an offer or solicitation can only be made by the confidential private placement memoranda relating to the investment vehicles managed by SPCM which we will provide only to qualified offerees. SPCM is registered with the SEC as an investment advisor. However, you should not assume that any discussion or information contained in this presentation serves as the receipt of personalized investment advice from SPCM. SPCM is not registered as a broker/dealer or accounting firm.
To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. However, such information is presented “as is,” without warranty of any kind – whether express or implied. SPCM makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and SPCM does not undertake to update or supplement this report or any of the information contained herein.
If you are in the United Kingdom, you confirm that you are subscribing and/or accessing SPCM research and materials on behalf of:
(A) a high net worth entity (e.g., a company with net assets of GBP 5 million or a high value trust) falling within Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”); or
(B) an investment professional (e.g., a financial institution, government or local authority, or international organization) falling within Article 19 of the FPO.
You agree that the information on this website is copyrighted, and you therefore agree not to distribute this information (whether the downloaded file, copies / images / reproductions, or the link to these files) in any manner other than by providing the following link — https://www.sprucepointcap.com
If you have obtained SPCM research in any manner other than by download from the aforementioned link(s), you may not read such research without going to the aforementioned link(s) and agreeing to the Terms of Service. You further agree that any dispute arising from your use of this report and / or the SPCM website or viewing the material hereon shall be governed by the laws of New York, without regard to any conflict of law provisions. You knowingly and independently agree to submit to the personal and exclusive jurisdiction of the superior courts located within the State of New York and waive your right to any other jurisdiction or applicable law, given that SPCM has an office in New York. The failure of SPCM to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of this right or provision. If any provision of these Terms of Service is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision and rule that the other provisions of these Terms of Service remain in full force and effect, in particular as to this governing law and jurisdiction provision. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this website or the material herein must be filed within one (1) year after such claim or cause of action arose or be forever barred.
SPCM and the terms, logos and marks included on this Site that identify Spruce Point services and products are proprietary materials. Copyright in the pages and in the screens of this website, and in the information and material therein, is proprietary material owned by SPCM unless otherwise indicated. Unless otherwise noted, all information provided on this site is provided by SPCM and is subject to copyright and trademark laws. Logos and marks contained in links to third party sites belong to their respective owners. All users may not reproduce, modify, copy, alter in any way, distribute, sell, resell, transmit, transfer, license, assign or publish such information.
By downloading from, or viewing material on, this website you agree to the following Terms of Service. Use of Spruce Point Capital Management LLC’s research is at your own risk. In no event should Spruce Point Capital Management LLC or any affiliated party be liable for any direct or indirect trading losses caused by any information on this site. You further agree to do your own research and due diligence, consult your own financial, legal, and tax advisors before making any investment decision with respect to transacting in any securities covered herein.
The research presentations found on this website express our research opinions. Spruce Point Capital Management LLC (“SPCM” or "we") is a practitioner of an investment approach known as research activism. Investments are selected based on SPCM’s belief that the market’s consensus view of a security is materially misguided. Once such an investment has been identified, detailed diligence is conducted and documented in a research presentation, report, or letter to be later shared with the public. Once the research report is released, market participants are anticipated to review the merits of the arguments. The report is intended to contribute to market discourse and inform investor sentiment, which informs trading decisions and reflects in market pricing. You should assume that as of the publication date of any short-biased report or letter, SPCM (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a material short position in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein declines. Likewise, you should assume that as of the publication date of any long-biased report or letter, SPCM (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a material long position in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein rises. Following publication of any long or short report or letter, we intend to continue transacting in the securities covered herein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation, conclusions, or opinions.
In order to manage risk, we may close open positions as we deem prudent. We do not provide “price targets”, although we may express our opinion of what the security is worth. An opinion of the value of a security differs from a price target in that we do not purport to have any insight as to how the market as a whole might value a security – we can only speak for how we, ourselves, view its value. We therefore do not hold a position until it reaches a certain price target, nor do we hold positions until they reach the price at which we have expressed a valuation opinion. There are numerous factors that enter into investment decisions aside from opinions of the value of the security, including without limitation, the borrow cost of a shorted security, the potential for a “short squeeze”, prudent risk sizing relative to capital and volatility, reduced information asymmetry, the opportunity cost of capital, client expectations, and the ability to hedge market risk, among other things. Therefore, you should assume that upon publication of any report, we will, or have begun to, close a substantial portion – possibly the entirety – of our positions in the covered issuer’s securities.
This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Such an offer or solicitation can only be made by the confidential private placement memoranda relating to the investment vehicles managed by SPCM which we will provide only to qualified offerees. SPCM is registered with the SEC as an investment advisor. However, you should not assume that any discussion or information contained in this presentation serves as the receipt of personalized investment advice from SPCM. SPCM is not registered as a broker/dealer or accounting firm.
To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. However, such information is presented “as is,” without warranty of any kind – whether express or implied. SPCM makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and SPCM does not undertake to update or supplement this report or any of the information contained herein.
If you are in the United Kingdom, you confirm that you are subscribing and/or accessing SPCM research and materials on behalf of:
(A) a high net worth entity (e.g., a company with net assets of GBP 5 million or a high value trust) falling within Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”); or
(B) an investment professional (e.g., a financial institution, government or local authority, or international organization) falling within Article 19 of the FPO.
You agree that the information on this website is copyrighted, and you therefore agree not to distribute this information (whether the downloaded file, copies / images / reproductions, or the link to these files) in any manner other than by providing the following link — https://www.sprucepointcap.com
If you have obtained SPCM research in any manner other than by download from the aforementioned link(s), you may not read such research without going to the aforementioned link(s) and agreeing to the Terms of Service. You further agree that any dispute arising from your use of this report and / or the SPCM website or viewing the material hereon shall be governed by the laws of New York, without regard to any conflict of law provisions. You knowingly and independently agree to submit to the personal and exclusive jurisdiction of the superior courts located within the State of New York and waive your right to any other jurisdiction or applicable law, given that SPCM has an office in New York. The failure of SPCM to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of this right or provision. If any provision of these Terms of Service is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision and rule that the other provisions of these Terms of Service remain in full force and effect, in particular as to this governing law and jurisdiction provision. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this website or the material herein must be filed within one (1) year after such claim or cause of action arose or be forever barred.
SPCM and the terms, logos and marks included on this Site that identify Spruce Point services and products are proprietary materials. Copyright in the pages and in the screens of this website, and in the information and material therein, is proprietary material owned by SPCM unless otherwise indicated. Unless otherwise noted, all information provided on this site is provided by SPCM and is subject to copyright and trademark laws. Logos and marks contained in links to third party sites belong to their respective owners. All users may not reproduce, modify, copy, alter in any way, distribute, sell, resell, transmit, transfer, license, assign or publish such information.
By downloading from, or viewing material on, this website you agree to the following Terms of Service. Use of Spruce Point Capital Management LLC’s research is at your own risk. In no event should Spruce Point Capital Management LLC or any affiliated party be liable for any direct or indirect trading losses caused by any information on this site. You further agree to do your own research and due diligence, consult your own financial, legal, and tax advisors before making any investment decision with respect to transacting in any securities covered herein.
The research presentations found on this website express our research opinions. Spruce Point Capital Management LLC (“SPCM” or "we") is a practitioner of an investment approach known as research activism. Investments are selected based on SPCM’s belief that the market’s consensus view of a security is materially misguided. Once such an investment has been identified, detailed diligence is conducted and documented in a research presentation, report, or letter to be later shared with the public. Once the research report is released, market participants are anticipated to review the merits of the arguments. The report is intended to contribute to market discourse and inform investor sentiment, which informs trading decisions and reflects in market pricing. You should assume that as of the publication date of any short-biased report or letter, SPCM (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a material short position in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein declines. Likewise, you should assume that as of the publication date of any long-biased report or letter, SPCM (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a material long position in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein rises. Following publication of any long or short report or letter, we intend to continue transacting in the securities covered herein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation, conclusions, or opinions.
In order to manage risk, we may close open positions as we deem prudent. We do not provide “price targets”, although we may express our opinion of what the security is worth. An opinion of the value of a security differs from a price target in that we do not purport to have any insight as to how the market as a whole might value a security – we can only speak for how we, ourselves, view its value. We therefore do not hold a position until it reaches a certain price target, nor do we hold positions until they reach the price at which we have expressed a valuation opinion. There are numerous factors that enter into investment decisions aside from opinions of the value of the security, including without limitation, the borrow cost of a shorted security, the potential for a “short squeeze”, prudent risk sizing relative to capital and volatility, reduced information asymmetry, the opportunity cost of capital, client expectations, and the ability to hedge market risk, among other things. Therefore, you should assume that upon publication of any report, we will, or have begun to, close a substantial portion – possibly the entirety – of our positions in the covered issuer’s securities.
This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Such an offer or solicitation can only be made by the confidential private placement memoranda relating to the investment vehicles managed by SPCM which we will provide only to qualified offerees. SPCM is registered with the SEC as an investment advisor. However, you should not assume that any discussion or information contained in this presentation serves as the receipt of personalized investment advice from SPCM. SPCM is not registered as a broker/dealer or accounting firm.
To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. However, such information is presented “as is,” without warranty of any kind – whether express or implied. SPCM makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and SPCM does not undertake to update or supplement this report or any of the information contained herein.
If you are in the United Kingdom, you confirm that you are subscribing and/or accessing SPCM research and materials on behalf of:
(A) a high net worth entity (e.g., a company with net assets of GBP 5 million or a high value trust) falling within Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”); or
(B) an investment professional (e.g., a financial institution, government or local authority, or international organization) falling within Article 19 of the FPO.
You agree that the information on this website is copyrighted, and you therefore agree not to distribute this information (whether the downloaded file, copies / images / reproductions, or the link to these files) in any manner other than by providing the following link — https://www.sprucepointcap.com
If you have obtained SPCM research in any manner other than by download from the aforementioned link(s), you may not read such research without going to the aforementioned link(s) and agreeing to the Terms of Service. You further agree that any dispute arising from your use of this report and / or the SPCM website or viewing the material hereon shall be governed by the laws of New York, without regard to any conflict of law provisions. You knowingly and independently agree to submit to the personal and exclusive jurisdiction of the superior courts located within the State of New York and waive your right to any other jurisdiction or applicable law, given that SPCM has an office in New York. The failure of SPCM to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of this right or provision. If any provision of these Terms of Service is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision and rule that the other provisions of these Terms of Service remain in full force and effect, in particular as to this governing law and jurisdiction provision. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this website or the material herein must be filed within one (1) year after such claim or cause of action arose or be forever barred.
SPCM and the terms, logos and marks included on this Site that identify Spruce Point services and products are proprietary materials. Copyright in the pages and in the screens of this website, and in the information and material therein, is proprietary material owned by SPCM unless otherwise indicated. Unless otherwise noted, all information provided on this site is provided by SPCM and is subject to copyright and trademark laws. Logos and marks contained in links to third party sites belong to their respective owners. All users may not reproduce, modify, copy, alter in any way, distribute, sell, resell, transmit, transfer, license, assign or publish such information.
By downloading from, or viewing material on, this website you agree to the following Terms of Service. Use of Spruce Point Capital Management LLC’s research is at your own risk. In no event should Spruce Point Capital Management LLC or any affiliated party be liable for any direct or indirect trading losses caused by any information on this site. You further agree to do your own research and due diligence, consult your own financial, legal, and tax advisors before making any investment decision with respect to transacting in any securities covered herein.
The research presentations found on this website express our research opinions. Spruce Point Capital Management LLC (“SPCM” or "we") is a practitioner of an investment approach known as research activism. Investments are selected based on SPCM’s belief that the market’s consensus view of a security is materially misguided. Once such an investment has been identified, detailed diligence is conducted and documented in a research presentation, report, or letter to be later shared with the public. Once the research report is released, market participants are anticipated to review the merits of the arguments. The report is intended to contribute to market discourse and inform investor sentiment, which informs trading decisions and reflects in market pricing. You should assume that as of the publication date of any short-biased report or letter, SPCM (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a material short position in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein declines. Likewise, you should assume that as of the publication date of any long-biased report or letter, SPCM (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a material long position in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein rises. Following publication of any long or short report or letter, we intend to continue transacting in the securities covered herein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation, conclusions, or opinions.
In order to manage risk, we may close open positions as we deem prudent. We do not provide “price targets”, although we may express our opinion of what the security is worth. An opinion of the value of a security differs from a price target in that we do not purport to have any insight as to how the market as a whole might value a security – we can only speak for how we, ourselves, view its value. We therefore do not hold a position until it reaches a certain price target, nor do we hold positions until they reach the price at which we have expressed a valuation opinion. There are numerous factors that enter into investment decisions aside from opinions of the value of the security, including without limitation, the borrow cost of a shorted security, the potential for a “short squeeze”, prudent risk sizing relative to capital and volatility, reduced information asymmetry, the opportunity cost of capital, client expectations, and the ability to hedge market risk, among other things. Therefore, you should assume that upon publication of any report, we will, or have begun to, close a substantial portion – possibly the entirety – of our positions in the covered issuer’s securities.
This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Such an offer or solicitation can only be made by the confidential private placement memoranda relating to the investment vehicles managed by SPCM which we will provide only to qualified offerees. SPCM is registered with the SEC as an investment advisor. However, you should not assume that any discussion or information contained in this presentation serves as the receipt of personalized investment advice from SPCM. SPCM is not registered as a broker/dealer or accounting firm.
To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. However, such information is presented “as is,” without warranty of any kind – whether express or implied. SPCM makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and SPCM does not undertake to update or supplement this report or any of the information contained herein.
If you are in the United Kingdom, you confirm that you are subscribing and/or accessing SPCM research and materials on behalf of:
(A) a high net worth entity (e.g., a company with net assets of GBP 5 million or a high value trust) falling within Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”); or
(B) an investment professional (e.g., a financial institution, government or local authority, or international organization) falling within Article 19 of the FPO.
You agree that the information on this website is copyrighted, and you therefore agree not to distribute this information (whether the downloaded file, copies / images / reproductions, or the link to these files) in any manner other than by providing the following link — https://www.sprucepointcap.com
If you have obtained SPCM research in any manner other than by download from the aforementioned link(s), you may not read such research without going to the aforementioned link(s) and agreeing to the Terms of Service. You further agree that any dispute arising from your use of this report and / or the SPCM website or viewing the material hereon shall be governed by the laws of New York, without regard to any conflict of law provisions. You knowingly and independently agree to submit to the personal and exclusive jurisdiction of the superior courts located within the State of New York and waive your right to any other jurisdiction or applicable law, given that SPCM has an office in New York. The failure of SPCM to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of this right or provision. If any provision of these Terms of Service is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision and rule that the other provisions of these Terms of Service remain in full force and effect, in particular as to this governing law and jurisdiction provision. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this website or the material herein must be filed within one (1) year after such claim or cause of action arose or be forever barred.
SPCM and the terms, logos and marks included on this Site that identify Spruce Point services and products are proprietary materials. Copyright in the pages and in the screens of this website, and in the information and material therein, is proprietary material owned by SPCM unless otherwise indicated. Unless otherwise noted, all information provided on this site is provided by SPCM and is subject to copyright and trademark laws. Logos and marks contained in links to third party sites belong to their respective owners. All users may not reproduce, modify, copy, alter in any way, distribute, sell, resell, transmit, transfer, license, assign or publish such information.
See the other side of the Wall Street hype machine.
