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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 methodology involves purchasing a basket of products, weighing them, and applying margin deductions to derive an import cost per kg.",
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      "text": "This is well below the ~$52/kg needed to plug the import gap.",
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      "text": "1 Elf's retail ASP is disclosed in the quarterly earnings calls. 2 The average retailer margin was provided by industry experts with whom we spoke.",
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      "text": "1. We selected the top selling products... 2. We purchased a basket of products... 3. We use ELF's disclosed $6.5 retail ASP. 4. We then calculated the weighted average import value... 5. The table on the following slide shows...",
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      "text": "Method 2: Product Mix Sampling:",
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