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Citron Research · research-note

Peloton Interactive (PTON)

13 pages · 3 arc beats · 2 loops

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Peloton Interactive (PTON)

Citron Research · 2019-12
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 1
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

3
coverage by narrative range · generated from this deck JSON
Narrative range 12 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
The Monster 4 slides 100% 4/4 slides 100% 4/4 slides · 36 hits
— 0/4 slides
— 0/4 slides
50% 2/4 slides 100% 4/4 slides 100% 4/4 slides The Struggle 5 slides 100% 5/5 slides 100% 5/5 slides · 35 hits
— 0/5 slides
— 0/5 slides
80% 4/5 slides 100% 5/5 slides 100% 5/5 slides The Victory 3 slides 100% 3/3 slides 100% 3/3 slides · 12 hits
— 0/3 slides
— 0/3 slides
33.3% 1/3 slides 100% 3/3 slides
— 0/3 slides

Slide inventory

13
every slide · same image gating as the playbook
01
Slide 1
The slide uses a 'valuation bridge' logic to justify a short thesis by comparing metrics against a peer group.show_valuation_bridge
Open slide detail
02
The slide serves as an executive summary/introductory thesis for a short report.frame_problem
Open slide detailBeat · The MonsterLoop · Cost Of Inaction
03
This is a research note from Citron Research criticizing Peloton's competitive moat regarding its hardware.name_villain
Open slide detailBeat · The MonsterLoop · Cost Of Inaction
04
Includes a specific example of a competitor's (ProForm) aggressive pricing strategy to illustrate market saturation.name_villain
Open slide detailBeat · The MonsterLoop · Cost Of Inaction
05
Uses an analogy to Netflix/DirectTV to highlight the perceived flaw in Peloton's pricing strategy.expose_contradiction
Open slide detailBeat · The MonsterLoop · Cost Of Inaction
06
Citron Research short thesis slide targeting Peloton's pricing model.compare_peers
Open slide detailBeat · The StruggleLoop · Hypothesis Test
07
The slide uses a comparison table to frame the product offering, followed by a narrative critique of the company's IP strategy regarding the leaderboard featurecompare_peers
Open slide detailBeat · The StruggleLoop · Hypothesis Test
08
The slide uses a 'villain' framing to attack the CEO's integrity and management practices.name_villain
Open slide detailBeat · The StruggleLoop · Hypothesis Test
09
The slide uses a direct quote from the CEO to highlight perceived incompetence and unrealistic future assumptions.expose_contradiction
Open slide detailBeat · The StruggleLoop · Hypothesis Test
10
The slide uses a skeptical tone to argue that Peloton's valuation is disconnected from reality and that management is preparing to exit.name_villain
Open slide detailBeat · The StruggleLoop · Hypothesis Test
11
Citron Research short thesis slide.show_valuation_bridge
Open slide detailBeat · The Victory
12
Includes a specific note to the reader regarding Peloton's valuation and market expectations.other
Open slide detailBeat · The Victory
13
other
Open slide detailBeat · The Victory