{
  "docId": "019dd923-622c-750b-8b97-a1171d7d86a0",
  "docSlug": "71e665b79a9a",
  "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-11-20 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 29,
  "pageCount": 48,
  "prevPage": 28,
  "nextPage": 30,
  "slideType": "appendix_methodology",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 5,
  "notes": "Muddy Waters Research methodology slide for short-selling thesis.",
  "elementsJson": [
    "headline_text",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-a1171d7d86a0/29",
  "deckHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-a1171d7d86a0#slide-29",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.68
      },
      "kind": "callout",
      "text": "We arrive at a value / kg of $19.5, which is far below the ~$52 / kg value needed to plug the import gap",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8e936b85-8194-402c-9d7b-2ce38b8dd231",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "value / kg: $19.5",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1b-7682-849e-31afdc5ac811",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.94,
        "x": 0.03,
        "y": 0.28
      },
      "kind": "paragraph",
      "text": "One of ELF's suppliers sent us a sample list of products with shipping volumes and weights. The images of these products often showed them in ELF-identical packaging, meaning they are likely substantially identical to products it sells ELF. Again using the analytics, over 50% of the products in the supplier's list seem to be among the top-selling autumn 2024 SKUs.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "624155a8-fb2a-4c1e-b035-0e649a68ecb7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.52
      },
      "kind": "paragraph",
      "text": "Using the shipping volumes and weights provided by the supplier, we applied ELF's blended rough cost per product ($6.50 ASP – 50% retailer margin – 71% COGS)",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "84e4e6f2-22e0-472c-989f-6e1e3915b167",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.75,
        "x": 0.03,
        "y": 0.08
      },
      "kind": "title",
      "text": "Method 3: Obtaining Product Data from an ELF Supplier",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c171fc39-c782-4a53-a5ee-fe4b0f74ec0a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "4269fc82-ac02-4871-a664-2008ba69768f",
      "evidence": "We arrive at a value / kg of $19.5, which is far below the ~$52 / kg value needed to plug the import gap",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}