{
  "docId": "019dd923-622c-750b-8b97-d98000913a21",
  "docSlug": "aa13081c2a23",
  "documentTitle": "Peloton Interactive (PTON)",
  "authorId": "52_Citron_Research",
  "authorName": "Citron Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-10 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 11,
  "pageCount": 13,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 36,
  "notes": "Citron Research short thesis slide.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "valuation_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-d98000913a21/11",
  "deckHref": "/decks/019dd923-622c-750b-8b97-d98000913a21",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-d98000913a21.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-d98000913a21#slide-11",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "On an EV per user basis, Peloton is 2,286% more expensive than the average of this peer group. If Peloton had the same value per user as the average of this peer group, the stock would be valued at $5.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b2-736e-8e65-267a8abe0b28",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV per Subscriber: $15,631",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b2-736e-8e65-2af1557e9abb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "We have already established that you don't own Peloton for the hardware or the software. So, the only thing you own Peloton for is the subscribers. Let's compare Peloton vs. a range of peers.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b4d99e3d-d2fb-436b-918a-d131ccdd6666",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "On an EV per user basis, Peloton is 2,286% more expensive than the average of this peer group. If Peloton had the same value per user as the average of this peer group, the stock would be valued at $5.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cf4521c2-4a94-47c9-8a56-4d742a125370",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.58,
        "w": 0.52,
        "x": 0.24,
        "y": 0.33
      },
      "kind": "table",
      "text": "Comparison table of Peloton vs peers including Enterprise Value, Subscribers, and EV per Subscriber.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "24b808ca-bda0-4d9c-bc1b-2eedd2bb0ea1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.28,
        "x": 0.36,
        "y": 0.29
      },
      "kind": "title",
      "text": "This is all you need to see",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6bc9dc50-06e1-4fae-8608-49e408c54f65",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation-bridge",
      "slug": null,
      "matchId": "1d08d73c-2f0f-4156-b737-0d9052a0eb4e",
      "evidence": "Calculation of implied price target based on peer group EV/subscriber multiple.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 13,
      "from": 11,
      "beatId": "13b93a6d-bbd7-4626-b7d0-5d7a5fe08da4",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Citron Research presents a clear conclusion and recommendation for investors",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}