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Campaigns / Spruce Point Capital → Super Group (SGHC) Limited
Spruce Point Capital vs. Super Group (SGHC) Limited

Super Group (SGHC) Limited · SGHC

1 deck published between 2026-02-12 and 2026-02-12 — 16 pages, 16 analysed slides total. Outcome: ongoing.

initial thesis

Timeline

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

  1. 2026-02-12 initial thesis

    2026 02 698dda43ab1475370340d002_sghc_research_thesis_2 12 2026

    16pp · full_deck

    Super Group overstates EBITDA by consolidating 100% of South African crown-jewel Raging River despite evidence of a 10.71% minority interest, implying 20%-50% downside to $4.25-$6.80.