Ben Axler · activist-deck
Church & Dwight Co., Inc. (CHD)
92 pages · 3 arc beats · 3 loops
Church & Dwight Co., Inc. (CHD)
Ben Axler · 2019-09 arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 51 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem 5 slides 100% 5/5 slides 100% 5/5 slides · 23 hits — 0/5 slides
— 0/5 slides
40% 2/5 slides 100% 5/5 slides 100% 5/5 slides Agitate 35 slides 100% 35/35 slides 100% 35/35 slides · 243 hits — 0/35 slides
2.9% 1/35 slides 74.3% 26/35 slides · 27 hits 100% 35/35 slides 100% 35/35 slides · 36 hits Solution 11 slides 100% 11/11 slides 100% 11/11 slides · 78 hits — 0/11 slides
— 0/11 slides
81.8% 9/11 slides 100% 11/11 slides 100% 11/11 slides Slide inventory
92 every slide · same image gating as the playbook
01
The slide uses visual metaphor (the hammer and the 'displeasure' branding on the product boxes) to convey a negative investment outlook.frame_problem
03
The slide serves as a track record/credibility builder for the activist firm.cite_precedent
04
The slide uses a 'precedent_table' to establish credibility by showing past performance.cite_precedent
06
Includes Spruce Point Capital Management logo and confidentiality disclaimer.front_matter
07
The slide uses a vertical stack of three callout boxes to structure the argument.diagnose_problem
08
The slide uses a three-part structure with red arrows to highlight specific areas of concern (Flawless acquisition, financial strain, and related party JV).diagnose_problem
09
The slide uses a two-part structure: Governance/Compensation issues followed by Valuation/Risk issues.diagnose_problem
10
The slide uses a timeline-annotated line chart to correlate corporate events with share price performance.frame_problem
11
Uses callout boxes to systematically refute seven specific points from a Jefferies analyst report.expose_contradiction
12
The chart highlights a 'Near Term Debt Due' wall in 2019, while the text critiques the company's debt-to-EBITDA reporting and JV transparency.diagnose_problem
14
Uses a before-after comparison framework to critique management.expose_contradiction
15
The slide uses a contrast-pairs framework to frame the current CEO as inferior to the predecessor.expose_contradiction
16
The slide uses a timeline format to establish a pattern of poor leadership and financial misconduct.name_villain
17
The slide uses a red box to highlight the two most recent acquisitions as the primary focus of the critique.preempt_rebuttal
18
The slide uses a 'Failure' label to characterize management's M&A strategy, contrasting deal performance with rising leverage.expose_contradiction
19
The slide uses a 'villain critique' style to undermine the current management's strategy by citing internal dissent.expose_contradiction
21
The slide uses visual evidence (photos with red boxes) to undermine management's narrative regarding brand positioning and promotional intensity.expose_contradiction
22
Uses a red arrow to visually emphasize the decline in dividend growth rate in 2019.expose_contradiction
23
Includes a direct quote from a CFO conference to contrast with the historical data trend.expose_contradiction
24
Uses a quote from a 2015 conference call to highlight management's initial transparency versus later obfuscation.expose_contradiction
25
The slide uses a quote from the CFO to contrast with the data presented in the table, highlighting the 'perverse incentive' to overpay for acquisitions.expose_contradiction
26
Uses red arrows to connect specific text in financial filings to the activist's claim of undisclosed acquisition activity.expose_contradiction
27
Includes specific citations from 10-K filings and critiques of Bloomberg/analyst methodologies.expose_contradiction
28
The slide uses a red box to highlight the specific clause in the credit agreement and the corresponding column in the financial table.expose_contradiction
29
Includes Spruce Point Capital Management logo/branding.front_matter
30
The slide uses a high-contrast yellow callout box to emphasize the negative quote.illustrate_case
31
The slide uses a series of callout boxes paired with bulleted evidence to systematically dismantle the acquisition's narrative.expose_contradiction
32
Uses visual evidence from Amazon search results to highlight competitor dominance.compare_peers
33
The slide uses a consistent visual language to show a 'peak and decline' pattern across multiple product lines.expose_contradiction
34
Uses Amazon price tracker screenshots to demonstrate price erosion.expose_contradiction
35
The slide uses a 'Here's What Management Wants You To See' framing, which is a classic activist short-seller technique to set up a contradiction.expose_contradiction
36
Includes Spruce Point Capital Management branding and page number 36.name_villain
37
Uses photographic evidence to undermine management's strategic narrative.expose_contradiction
38
Uses a CEO quote to contradict the market's expectations for growth.expose_contradiction
39
Uses photographic evidence to debunk a management claim.expose_contradiction
40
Uses red boxes and strikethrough lines to visually emphasize the accounting inconsistency.expose_contradiction
41
The slide uses a table to isolate the 'FLAWLESS Acquisition' impact on sales growth, comparing 3-month and 6-month periods.expose_contradiction
Open slide detailLoop · Cost Of Inaction
42
Uses a call-and-response structure to highlight management obfuscation.expose_contradiction
Open slide detailLoop · Cost Of Inaction
43
Uses red lines to visually connect the analyst question to the CFO response, and then to the contradictory text blocks.expose_contradiction
Open slide detailLoop · Cost Of Inaction
44
Uses a dialogue-style layout to contrast analyst questions with CFO responses and activist commentary.expose_contradiction
Open slide detailLoop · Iceberg
45
Uses a 'before-after' or 'contradiction' framing to highlight the gap between executive rhetoric and financial reporting.expose_contradiction
Open slide detailLoop · Cost Of Inaction
46
Uses a call-and-response format to highlight the contradiction.expose_contradiction
Open slide detailLoop · Cost Of Inaction
47
Includes Spruce Point Capital Management logo and proprietary disclaimer.transition
Open slide detailLoop · Cost Of Inaction
48
Uses a vertical process flow to link executive departures with a lack of corporate disclosure.expose_contradiction
Open slide detailLoop · Cost Of Inaction
49
Uses SEC Form 4 filings and Bloomberg data to contrast corporate deal narrative with insider behavior.expose_contradiction
Open slide detailLoop · Cost Of Inaction
50
Uses red boxes and arrows to link the main table to a snippet from the company's 10-Q filing.analyze_data
Open slide detailLoop · Cost Of Inaction
51
Uses a callout box to contrast CEO quote with financial data; uses red brackets to highlight specific areas of concern in the table and text.expose_contradiction
Open slide detailLoop · Cost Of Inaction
52
Uses a screenshot of a LinkedIn profile to prove the existence of a secondary role.expose_contradiction
Open slide detailLoop · Cost Of Inaction
54
The slide uses a yellow callout box to highlight quotes from an anonymous source.illustrate_case
Open slide detailLoop · Cost Of Inaction
55
Uses a dialogue-based contradiction format between an analyst and a CEO.expose_contradiction
Open slide detailLoop · Cost Of Inaction
56
Uses a call-and-response format to contrast analyst questions with management's lack of knowledge.expose_contradiction
Open slide detailLoop · Cost Of Inaction
57
Uses a dialogue-based format to expose a discrepancy between CEO statements and industry reality.expose_contradiction
Open slide detailLoop · Cost Of Inaction
58
Uses Amazon search results and price history charts to demonstrate brand dilution and price erosion.name_villain
Open slide detailLoop · Cost Of Inaction
59
The slide uses red boxes to highlight the declining acquisition revenue figures ($102.1m -> $84.8m -> $78.8m).expose_contradiction
Open slide detailLoop · Cost Of Inaction
60
Uses a series of callout boxes to highlight specific quotes and financial data points.expose_contradiction
Open slide detailLoop · Cost Of Inaction
61
Uses a 'CEO quote contradiction' framework to undermine management credibility.expose_contradiction
Open slide detailLoop · Cost Of Inaction
62
Uses screenshots of 8-K filing, FDA recall notice, and a law firm announcement to build the case.expose_contradiction
Open slide detailLoop · Cost Of Inaction
63
Includes Spruce Point Capital Management branding (tree logo).front_matter
Open slide detailLoop · Cost Of Inaction
64
The slide uses a table to contrast reported income with related party expenses, suggesting potential manipulation of EBITDA.expose_contradiction
Open slide detailLoop · Cost Of Inaction
65
The slide uses a structured list format to present evidence of control across four categories: Management, Location, Legal/Board, and Customer.expose_contradiction
Open slide detailLoop · Cost Of Inaction
66
The table contrasts 'Aggressive Current Accounting' with 'Correct Accounting' across five financial categories.expose_contradiction
Open slide detailLoop · Cost Of Inaction
67
The slide uses a primary document (Alabama business filing) to highlight the absence of Occidental executives in the initial leadership team.expose_contradiction
Open slide detailLoop · Cost Of Inaction
68
Uses red arrows and a warning callout to highlight the change in disclosure between 1995 and 2005 filings.expose_contradiction
Open slide detailLoop · Cost Of Inaction
69
The slide uses red arrows and boxes to highlight discrepancies in employee counts and corporate affiliations.expose_contradiction
Open slide detailLoop · Cost Of Inaction
70
Uses red boxes and arrows to highlight address overlaps and copyright notices.expose_contradiction
Open slide detailLoop · Cost Of Inaction
71
The slide uses side-by-side comparisons of historical 10-K excerpts to demonstrate accounting manipulation.expose_contradiction
Open slide detailLoop · Cost Of Inaction
72
The slide uses a before-and-after comparison of financial statements to highlight accounting manipulation.expose_contradiction
Open slide detailLoop · Cost Of Inaction
73
Uses historical 1995 10-K data vs 2018 10-K data to highlight opacity and margin decline.expose_contradiction
Open slide detailLoop · Cost Of Inaction
75
Uses red boxes and question marks to highlight suspicious governance details.expose_contradiction
Open slide detailLoop · Cost Of Inaction
76
Uses red arrows and boxes to visually connect the absence of the name in the proxy table to the presence of the name on the Form 144.expose_contradiction
Open slide detailLoop · Cost Of Inaction
77
The slide uses a red box to highlight the specific discrepancy in the 'Cash From Operations' row of the compensation table.expose_contradiction
Open slide detailLoop · Cost Of Inaction
78
Uses a CEO quote to contrast with the accounting reality shown in the table.expose_contradiction
Open slide detailLoop · Cost Of Inaction
79
Uses a table of non-GAAP reconciliations and a snippet from a 10-K to highlight the accounting change.expose_contradiction
Open slide detailLoop · Cost Of Inaction
80
Includes a table comparing reported vs. adjusted EPS and a secondary table showing bonus performance metrics.expose_contradiction
Open slide detailLoop · Cost Of Inaction
81
The slide uses two distinct callout boxes to contrast management's stated targets with the activist's critique of the underlying methodology.expose_contradiction
Open slide detailLoop · Cost Of Inaction
83
The table highlights a bearish thesis by comparing current market price against analyst consensus.quantify_opportunity
84
Uses a 'Bull vs. Bear' comparison framework to systematically dismantle an analyst's thesis.expose_contradiction
85
Uses a pie chart to visualize import concentration and pull-quotes to highlight management's downplaying of risks.expose_contradiction
86
Includes a table of recent sales and two charts: one showing flat ownership percentage and one showing stock price with sell indicators.expose_contradiction
87
Uses 'Follow the money' as a rhetorical device to frame financial data as evidence of negative sentiment.expose_contradiction
88
The slide uses a 'valuation bridge' logic to argue that current multiples are disconnected from historical performance.show_valuation_bridge
89
The slide highlights that CHD's premium valuation is unjustified given its growth profile and dividend yield compared to larger, more established peers.compare_peers
90
Spruce Point Capital Management activist short thesis slide.compare_peers
91
The slide highlights a lack of 'conviction' owners, suggesting the current shareholder base is misaligned with the company's actual risk profile.analyze_data
92
Includes detailed footnotes explaining adjustments to EBITDA and rationale for multiple selection.show_valuation_bridge