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Campaigns / Spruce Point Capital → Erie Indemnity Company
Spruce Point Capital vs. Erie Indemnity Company

Erie Indemnity Company · ERIE

1 deck published between 2024-10-18 and 2024-10-18 — 35 pages, 35 analysed slides total.

initial thesis

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2024-10-18 initial thesis

    2024 10 671257d6e727268298dd34e1_erie_research_thesis_10 18 2024

    35pp · research_note

    ERIE's 25% management fee on its sole client — the loss-making Erie Insurance Exchange — looks unsustainable; a 2003-style cut plus peer-level multiple would drive 35-55% downside to $211-$317.