{
  "docId": "019dd923-622c-750b-8b98-58a1b82469f3",
  "docSlug": "c4de14509091",
  "documentTitle": "MGP Ingredients, Inc. (MGPI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-01-12 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 15,
  "pageCount": 53,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "Uses a contrast-pairs framework to dismantle specific analyst claims.",
  "elementsJson": [
    "comparison_table",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-58a1b82469f3/15",
  "deckHref": "/decks/019dd923-622c-750b-8b98-58a1b82469f3",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-58a1b82469f3.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-58a1b82469f3#slide-15",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Once the whiskey bubble bursts, and MGPI's braded liquor strategy clearly fails, investors will realize they own a mediocre ingredient Company, which would be valued at 1x sales and 8x – 9x EBITDA",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87fa-1fbdf4ad433d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.43,
        "x": 0.05,
        "y": 0.23
      },
      "kind": "list",
      "text": "Apis Capital Dec 2015: Strong earnings growth... Craig Hallum Dec 2016: $50 price target... SunTrust Dec 2016: $60 price target... Seeking Alpha: Limited downside...",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d160e476-4ee5-4a70-bb5b-cec711a65b2a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA multiple: 8x - 9x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87fa-2683f7f7d3c6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.43,
        "x": 0.52,
        "y": 0.23
      },
      "kind": "paragraph",
      "text": "The stratospheric rise in MGPI's share price... Once the whiskey bubble bursts... It doesn't give us confidence... There is no visibility in MGPI's commodity businesses...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "384d85da-6cb7-42a6-8fae-2c4443f92373",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Additionally, strong earnings growth combined with modest rerating towards its branded alcohol peer group offers substantial upside — Apis Capital Dec 2015",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87fa-21896a4c2cae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.39,
        "x": 0.305,
        "y": 0.04
      },
      "kind": "title",
      "text": "Bull vs. Bear Case (cont'd)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d57b9f4-2933-44a1-8e4b-e0a7a72b2796",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.43,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "title",
      "text": "What The Stock Cheerleaders' Say",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "454dccfb-cc96-4324-ad94-4145ceac50a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.43,
        "x": 0.52,
        "y": 0.17
      },
      "kind": "title",
      "text": "Spruce Point's View",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bed77be6-7b52-4b78-b064-4c123c742f3f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "contrast-pairs",
      "slug": null,
      "matchId": "60cedc22-f395-43b9-9164-a2d489b8dcc5",
      "evidence": "Side-by-side layout comparing opposing viewpoints.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}