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  "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
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  "authorName": "Muddy Waters Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-11-20 00:00:00",
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  "notes": "The slide uses a numbered list to detail three specific analytical approaches, including SKU GMV comparison, product mix sampling, and supplier data verification.",
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      "text": "The result is $18.1 / kg",
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      "text": "However, a much simpler way to use the analytics also tells us that value per kg could not have significantly changed – the analytics tell us that new for CY24 SKUs comprise less than 5% of tracked GMV",
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      "text": "1. Comparing CY24 to CY23 SKU GMV: We looked at GMV by SKU provided by a leading consumer data analytics service (not Nielsen), and found that new for CY24 SKU contribution to GMV would not have caused imported inventory value / kg to materially increase\n2. Product Mix Sampling: We selected a product mix consisting of over 70% of the GMV sold at the top retailer in autumn 2024 (per analytics), individually weighed them, and calculated a weighted average weight based the top selling products' unit weight including packaging. The result is $18.1 / kg\n3. Data provided by a top ELF supplier supports a valuation of $19.5 / kg",
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      "text": "import value per kg: $18.1 / kg",
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      "kind": "title",
      "text": "Three Methodologies Confirm ELF's Q4 FY24 – Q2 FY25 Import Values per kg Were Consistent With Those of Prior Periods",
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