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  "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-11-20 00:00:00",
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  "notes": "Includes detailed footnotes regarding methodology for logistics costs and supplier share assumptions.",
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      "text": "We estimate ELF's COGS based on its having a 70% share of its suppliers' sales.",
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      "text": "At 60%, the accumulated landed costs would be ~$17.3 in CY2022 and $15.2 in CY2023. At 80%, the accumulated landed costs would be ~$22.7 in CY2022 and $20.0 in CY2023.",
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      "text": "Inventory costs per SAIC: $20.0/kg",
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      "text": "At the right, we apply a 70% share to suppliers' CY22 and CY23 revenue. We add transportation costs of $1/kg and a duty rate of 25%, yielding $20.0/kg in CY22 and $17.6/kg in CY23.",
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      "text": "We estimate ELF's COGS based on its having a 70% share of its suppliers' sales.",
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      "kind": "source-note",
      "text": "Based on discussions with the top China suppliers, we believe ELF accounts for approximately ~60-75% of their sales. Estimate ocean freight, import, and local delivery costs are based on avg loads per 40' container.",
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      "kind": "table",
      "text": "Top China Suppliers' FOB COGS and total exports to ELF by weight tables",
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      "kind": "title",
      "text": "Suppliers' PRC Financials Confirm Our Calculated Range of Value / kg",
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      "evidence": "Breakdown of COGS per kg using supplier revenue and weight data",
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      "position": 1,
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