Ben Axler · activist-deck
Prestige Consumer Healthcare Inc. (PBH)
122 pages · 4 arc beats · 3 loops
Prestige Consumer Healthcare Inc. (PBH)
Ben Axler · 2020-06 arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
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Deck intelligence map
4 coverage by narrative range · generated from this deck JSON
Narrative range 232 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Hook 1 slides 100% 1/1 slides 100% 1/1 slides · 5 hits — 0/1 slides
100% 1/1 slides 100% 1/1 slides 100% 1/1 slides — 0/1 slides
Expose Contradiction 112 slides 100% 112/112 slides 99.1% 111/112 slides · 777 hits — 0/112 slides
5.4% 6/112 slides · 7 hits 73.2% 82/112 slides · 83 hits 100% 112/112 slides · 224 hits 22.3% 25/112 slides Complication 6 slides 100% 6/6 slides 100% 6/6 slides · 43 hits — 0/6 slides
16.7% 1/6 slides · 2 hits 66.7% 4/6 slides 100% 6/6 slides · 7 hits — 0/6 slides
Evidence 113 slides 100% 113/113 slides 99.1% 112/113 slides · 783 hits — 0/113 slides
5.3% 6/113 slides · 7 hits 73.5% 83/113 slides · 84 hits 100% 113/113 slides · 226 hits 22.1% 25/113 slides Slide inventory
122 every slide · same image gating as the playbook
01
The slide uses visual metaphor (vermin) to attack the company's brand/management quality.name_villain
Open slide detailBeat · Hook
03
The slide uses a comparative table structure to establish credibility through past performance.cite_precedent
05
Includes Spruce Point Capital Management logo (pine tree).front_matter
Open slide detailBeat · Complication
06
The slide uses a strong, accusatory tone typical of activist short reports, specifically targeting the CFO and management team.diagnose_problem
Open slide detailBeat · Complication
07
The slide uses 'Red Flag' callouts to highlight specific accounting concerns.diagnose_problem
Open slide detailBeat · Complication
08
The slide uses a 'villain' narrative by linking the current CFO to a past failed company (Boulder Brands) analyzed by the same firm.summarize
Open slide detailBeat · Complication
10
The slide uses a timeline-annotated stock chart to correlate specific management actions with share price decline.diagnose_problem
Open slide detailBeat · Complication
11
Uses a direct quote from an analyst to set up the contradiction with the company's own proxy statement.expose_contradiction
12
The slide uses a direct quote to undermine the company's business model and growth prospects.expose_contradiction
13
Uses a comparison table to highlight shared negative traits between a past failed company and the current target.expose_contradiction
14
The slide uses a red box to highlight the discrepancy between actual growth and guidance.expose_contradiction
15
The slide uses expert/insider testimony to validate the thesis that PBH lacks pricing power due to over-exposure to big-box retailers.diagnose_problem
16
Uses red flags and arrows to point out specific omissions in corporate reporting.expose_contradiction
17
The table highlights Prestige Brands in red to emphasize its outlier status in working capital deterioration.compare_peers
18
The slide uses a table to compare pre-Sacco and post-Sacco financial metrics, specifically highlighting the acceleration of receivables growth relative to revenexpose_contradiction
19
The slide uses a table to highlight the trend of increasing promotional spend relative to revenue, supported by a quote from a former manager.expose_contradiction
20
Uses a bar chart with a data table overlay to show the discrepancy between reported post-synergy multiples and actual pre-synergy multiples for the Fleet acquisexpose_contradiction
22
Uses a comparison table to draw parallels between a failed company and the target company, implying a similar negative outcome.expose_contradiction
Open slide detailBeat · Expose Contradiction
23
The slide uses a red arrow at the bottom to visually emphasize the deterioration of metrics over time.cite_precedent
Open slide detailBeat · Expose Contradiction
24
Includes a timeline-style diagram showing the shift in terminology and a table comparing revenue definitions over time.expose_contradiction
Open slide detailBeat · Expose Contradiction
25
Uses a 'precedent' framework to argue for regulatory scrutiny of the target company.expose_contradiction
Open slide detailBeat · Expose Contradiction
26
The slide uses red boxes and arrows to highlight specific patterns of association (Boulder Brands, EY, college) to imply potential conflicts of interest or cronintroduce_nominees
Open slide detailBeat · Expose Contradiction
27
The slide uses a timeline to frame the subject's past performance as problematic, specifically highlighting her start and end dates at the company.expose_contradiction
Open slide detailBeat · Expose Contradiction
28
Uses visual callouts (red boxes and arrows) to highlight the contradiction between the company website and the state license verification database.expose_contradiction
Open slide detailBeat · Expose Contradiction
29
Uses annotated tables and news clippings to build a case against the current audit partner.expose_contradiction
Open slide detailBeat · Expose Contradiction
30
Uses red boxes to highlight specific auditor names and a red flag icon to signal concern.expose_contradiction
Open slide detailBeat · Expose Contradiction
31
Includes Spruce Point Capital Management logo and confidentiality disclaimer.transition
33
The slide uses a red box to highlight the gap between actual organic growth and guidance.expose_contradiction
34
The slide uses a red box to highlight the 'Organic Adjusted EBITDA Growth' row as the primary evidence of the thesis.expose_contradiction
35
Includes a specific callout to Moody's criticism of the company's EBITDA add-back practices.expose_contradiction
36
The red box highlights the specific line item 'Integration, transition and other payments associated with acquisitions, divestitures and other transitions' as texpose_contradiction
37
The slide uses two tables (annual and quarterly) to demonstrate the trend of increasing DSO, DIO, and overall cash conversion cycle.expose_contradiction
38
The slide uses red highlighting for the target company (Prestige Brands/PBH) to emphasize its outlier status.compare_peers
39
The slide uses a table to compare pre-Sacco and post-Sacco financial metrics, specifically highlighting the acceleration of receivables growth relative to revenexpose_contradiction
40
The slide uses a red box and arrow to draw attention to the increasing percentage of finished goods and obsolete inventory.expose_contradiction
41
The slide uses a red box and arrow to emphasize the upward trend in the calculated percentages.expose_contradiction
Open slide detailBeat · Expose Contradiction
42
Uses a chronological sequence of quotes to build a case against management's transparency.expose_contradiction
Open slide detailBeat · Expose Contradiction
43
Uses a news clipping as a primary source to frame the target company's behavior as a red flag.expose_contradiction
Open slide detailBeat · Expose Contradiction
44
Uses quotes from earnings calls to highlight the contradiction between management's narrative and the quantitative evidence.expose_contradiction
Open slide detailBeat · Expose Contradiction
45
The slide uses a table to highlight the trend of increasing promotional spend relative to revenue, supported by a quote from a former manager.expose_contradiction
Open slide detailBeat · Expose Contradiction
46
Uses a direct quote from the CEO to set up the contradiction.expose_contradiction
Open slide detailBeat · Expose Contradiction
47
Uses red boxes and arrows to highlight the change in accounting estimates and the resulting impact on financial ratios.expose_contradiction
Open slide detailBeat · Expose Contradiction
49
Uses a red box to highlight the contradiction between the CEO's quote and the actual revenue growth figures in the table.expose_contradiction
Open slide detailBeat · Expose Contradiction
50
Uses red flag icon and callout boxes to highlight financial red flags in the data table.expose_contradiction
Open slide detailBeat · Expose Contradiction
51
Uses red boxes and arrows to highlight specific financial discrepancies in working capital and receivables growth.expose_contradiction
Open slide detailBeat · Expose Contradiction
53
The slide uses four line charts to contrast performance trends.compare_peers
Open slide detailBeat · Expose Contradiction
54
The slide uses red boxes and arrows to visually emphasize flat or declining trends in search volume.analyze_data
Open slide detailBeat · Expose Contradiction
55
Uses a table-like structure to present chronological earnings call transcripts.expose_contradiction
Open slide detailBeat · Expose Contradiction
56
The slide uses expert/insider testimony to validate the thesis that PBH lacks pricing power.expose_contradiction
Open slide detailBeat · Expose Contradiction
57
Includes photographic evidence of shelf pricing and a summary table calculating the percentage premium.compare_peers
Open slide detailBeat · Expose Contradiction
58
The slide uses visual evidence (photos of shelf tags) to demonstrate that store brands are significantly cheaper than PBH products, with price premiums calculatcompare_peers
Open slide detailBeat · Expose Contradiction
59
The slide uses red and green boxes to highlight price differences in store shelf photos, corresponding to the data tables below each image.compare_peers
Open slide detailBeat · Expose Contradiction
60
Uses visual evidence (shelf photos) and pricing tables to undermine management's M&A rationale.expose_contradiction
Open slide detailBeat · Expose Contradiction
61
The slide uses red and green boxes to highlight price tags on store shelves, likely indicating price discrepancies or premium pricing.compare_peers
Open slide detailBeat · Expose Contradiction
62
The slide uses photographic evidence of shelf tags to justify the price premium calculations.compare_peers
Open slide detailBeat · Expose Contradiction
63
The slide uses visual evidence of store-brand packaging (Equate) explicitly referencing Dramamine to support the thesis of competitive pressure.compare_peers
Open slide detailBeat · Expose Contradiction
64
The slide uses red boxes to highlight the higher price of the branded product and green boxes for the lower price of the store brand.compare_peers
Open slide detailBeat · Expose Contradiction
66
Uses a dialogue-based format to illustrate the loss of shelf space.expose_contradiction
Open slide detailBeat · Expose Contradiction
67
Uses a before-after visual comparison to argue for market share loss.expose_contradiction
Open slide detailBeat · Expose Contradiction
68
The slide uses red circles and arrows to highlight the 'Compare to' language on competitor packaging.expose_contradiction
Open slide detailBeat · Expose Contradiction
69
Uses photographic evidence to highlight disadvantageous shelf positioning at major retailers.name_villain
Open slide detailBeat · Expose Contradiction
70
Uses photographic evidence to highlight shelf placement issues across four major retailers.diagnose_problem
Open slide detailBeat · Expose Contradiction
71
Uses photographic evidence to argue against the company's 'Power Core' brand strength narrative.expose_contradiction
Open slide detailBeat · Expose Contradiction
72
Uses red bounding boxes and callouts to highlight shelf placement issues.name_villain
Open slide detailBeat · Expose Contradiction
73
The slide uses a red flag icon to highlight the removal of customer disclosure in the 2020 report.expose_contradiction
Open slide detailBeat · Expose Contradiction
74
Uses a dialogue-style format to contrast Spruce Point's inquiry with expert testimony.expose_contradiction
Open slide detailBeat · Expose Contradiction
75
Uses screenshots of news articles as evidence to support the thesis that generic drugs have no competitive advantage.preempt_rebuttal
Open slide detailBeat · Expose Contradiction
76
Uses visual evidence (photos with callouts) to demonstrate poor product placement/visibility.expose_contradiction
Open slide detailBeat · Expose Contradiction
77
The slide uses photographic evidence of retail shelves to highlight poor shelf positioning (bottom row) and mixed product placement.diagnose_problem
Open slide detailBeat · Expose Contradiction
78
Uses visual evidence of shelf pricing to highlight price premiums.expose_contradiction
Open slide detailBeat · Expose Contradiction
79
Uses 'Spruce Point View' callouts to frame external news articles as evidence for their thesis.preempt_rebuttal
Open slide detailBeat · Expose Contradiction
80
The chart shows a trend of increasing ACV percentages over time, which the author interprets as a sign of limited future growth potential.expose_contradiction
Open slide detailBeat · Expose Contradiction
81
Uses a 'ceo-quote-contradiction' framework to highlight the gap between management claims and operational reality.expose_contradiction
Open slide detailBeat · Expose Contradiction
82
The slide uses visual evidence (screenshots) to show how retailers manipulate search rankings to favor their own brands.expose_contradiction
Open slide detailBeat · Expose Contradiction
83
The slide uses a combination of product imagery and trend data to argue that Amazon is successfully encroaching on PBH's market share.compare_peers
Open slide detailBeat · Expose Contradiction
85
The table highlights a trend of increasing deal sizes and multiples over time.cite_precedent
Open slide detailBeat · Expose Contradiction
86
The chart uses a bar-vertical format with an overlay trend line and a specific callout for the Fleet acquisition.expose_contradiction
Open slide detailBeat · Expose Contradiction
87
The slide uses three specific acquisition examples (Fleet, DenTek, Insight/Hydralyte) to demonstrate the pattern of disclosure.expose_contradiction
Open slide detailBeat · Expose Contradiction
88
Uses a combination of data tables and quote-based contradiction analysis to undermine management credibility.expose_contradiction
Open slide detailBeat · Expose Contradiction
90
Uses red underlining and callout boxes to emphasize specific constraints in Moody's credit rating rationale.expose_contradiction
Open slide detailBeat · Expose Contradiction
91
The table highlights specific acquisitions where tax deductibility is 'Yes' in red, emphasizing the high percentage of purchase price allocated to G&I.expose_contradiction
Open slide detailBeat · Expose Contradiction
92
The slide uses a combination of a bar chart (FCF Conversion) and a line chart (FCF Yield) to contrast financial metrics with the narrative of 'best-in-class' peexpose_contradiction
Open slide detailBeat · Expose Contradiction
93
The slide highlights a lack of transparency regarding R&D spending for the target company.compare_peers
Open slide detailBeat · Expose Contradiction
94
Uses a 'before-after' framing to contrast stated priorities with actual behavior, highlighting a potential conflict of interest or strategic failure.expose_contradiction
Open slide detailBeat · Expose Contradiction
95
The slide argues that the 'platform premium' is unjustified due to zero organic growth.expose_contradiction
Open slide detailBeat · Expose Contradiction
98
Uses SEC regulatory guidance to argue for increased financial transparency from the target company.cite_precedent
Open slide detailBeat · Expose Contradiction
99
Uses red flag icons and callout boxes to contrast management's verbal claims with the lack of formal disclosure in annual reports.expose_contradiction
Open slide detailBeat · Expose Contradiction
100
The slide uses excerpts from various annual reports to demonstrate industry standards for revenue breakdown.expose_contradiction
Open slide detailBeat · Expose Contradiction
101
Uses a call-and-response format to highlight management obfuscation.expose_contradiction
Open slide detailBeat · Expose Contradiction
102
The slide uses a chronological table format to contrast management's public statements with the lack of SEC-mandated disclosures.expose_contradiction
Open slide detailBeat · Expose Contradiction
103
Uses red flags and arrows to point out specific omissions in corporate reporting.expose_contradiction
Open slide detailBeat · Expose Contradiction
104
The red box highlights the specific columns removed from the 2016 report in subsequent filings.expose_contradiction
Open slide detailBeat · Expose Contradiction
105
The slide uses a red flag icon to draw attention to the negative net change in recent years.expose_contradiction
Open slide detailBeat · Expose Contradiction
106
The slide highlights brands with declining market share in red text.compare_peers
Open slide detailBeat · Expose Contradiction
107
The slide uses a before-and-after comparison of investor presentation tables to show the change in reporting.expose_contradiction
Open slide detailBeat · Expose Contradiction
109
The slide uses a red box to visually contrast executive salary growth percentages against the significantly lower organic revenue growth percentages.expose_contradiction
Open slide detailBeat · Expose Contradiction
110
Uses red 'X' marks to denote failure/misalignment and green checkmarks for proposed alignment.expose_contradiction
Open slide detailBeat · Expose Contradiction
111
The slide uses a red box to highlight the 'Miss' vs 'In-line' performance metrics, contrasting them with the 'Total AIP + Stock Awards' row.expose_contradiction
Open slide detailBeat · Expose Contradiction
112
Uses red callouts to highlight contradictions between proxy statements and reality.expose_contradiction
Open slide detailBeat · Expose Contradiction
113
Uses red callout boxes to highlight the activist's critique of specific proxy statement excerpts.expose_contradiction
Open slide detailBeat · Expose Contradiction
114
Highlights how proxy statement changes incentivize revenue growth over margin growth.expose_contradiction
Open slide detailBeat · Expose Contradiction
115
The slide uses a before-after comparison of proxy statements and a peer benchmark table to expose the contradiction in management's stated focus on profitabilitexpose_contradiction
Open slide detailBeat · Expose Contradiction
116
The slide uses a red arrow overlay to emphasize the downward trend.expose_contradiction
Open slide detailBeat · Expose Contradiction
117
The slide uses red boxes to highlight the 'New Peer Group Index' performance compared to the 'Old Peer Group Index' and other benchmarks.expose_contradiction
Open slide detailBeat · Expose Contradiction
119
The slide argues that despite appearing cheap on P/E and EBITDA, PBH is expensive on OCF and Sales multiples, and burdened by debt.compare_peers
120
The slide uses red boxes to highlight specific consensus figures that the author deems unrealistic.preempt_rebuttal
121
The slide uses a table of analyst ratings and a stock price/target chart to highlight the disconnect between market reality and analyst optimism.preempt_rebuttal
122
The table calculates Equity Value and Value Per Share based on varying EBITDA multiples.show_valuation_bridge