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(HRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-10-29 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 58, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a combination of historical 10-K data and a modern earnings call quote to expose a contradiction in management's narrative.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-c6f1577ed5e1/58", "deckHref": "/decks/019dd923-622c-750b-8b98-c6f1577ed5e1", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-c6f1577ed5e1#slide-58", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-c6f1577ed5e1", "docSlug": "97e66c73c118", "documentTitle": "Hill-Rom Holdings, Inc. (HRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-10-29 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 59, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a visual arrow to connect the 10-K subsidiary list to the lack of search results on the company website.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-c6f1577ed5e1/59", "deckHref": "/decks/019dd923-622c-750b-8b98-c6f1577ed5e1", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-c6f1577ed5e1#slide-59", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-c3e7825e1948", "docSlug": "8b6a62f49fba", "documentTitle": "Church & Dwight Co., Inc. (CHD)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2019-09-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 92, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "Includes detailed footnotes explaining adjustments to EBITDA and rationale for multiple selection.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-c3e7825e1948/92", "deckHref": "/decks/019dd923-622c-750b-8b98-c3e7825e1948", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-c3e7825e1948#slide-92", "loopMatches": [ { "to": 92, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "d8d41695-ad33-43d2-9478-d227476d9e68", "evidence": "The overall thesis implies that failing to act on Spruce Point's analysis could lead to significant financial losses for investors holding onto CHD stock.", "position": 2, "objective": "The cost of not selling CHD", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "arcBeatMatches": [ { "to": 92, "from": 82, "beatId": "2e0f1062-a9eb-4652-b31c-c17952a18aaf", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The solution is implicitly presented through valuation tables and comparisons, suggesting a sell opinion to mitigate downside risk.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true } ] }