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Campaigns / Spruce Point Capital → Dycom Industries, Inc.
Spruce Point Capital vs. Dycom Industries, Inc.

Dycom Industries, Inc. · DY

1 deck published between 2025-02-19 and 2025-02-19 — 43 pages, 43 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. 2025-02-19 initial thesis

    2025 02 67b5e35c6934f62e1ac3a84e_dy_research_thesis_2 19 2025

    43pp · full_deck

    Dycom's premium multiple masks a forensic minefield — undisclosed Frontier related-party revenue, accounting officers with restatement histories, and unexplained DSO expansion — implying 35–55% downside to $79–$119.