{
  "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": 51,
  "pageCount": 53,
  "prevPage": 50,
  "nextPage": 52,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a peer comparison to expose a valuation contradiction in MGPI's stock price.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "logo_grid",
    "pie_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-58a1b82469f3/51",
  "deckHref": "/decks/019dd923-622c-750b-8b98-58a1b82469f3",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-58a1b82469f3.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-58a1b82469f3#slide-51",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Compare this valuation to MGPI which is trading at 2.5x sales and has de Minimis branded sales but claims “premium beverage alcohol” sales are growing 16% but won’t certify it with figures in its 10-Q.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87fe-00183fac99e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.41,
        "w": 0.45,
        "x": 0.51,
        "y": 0.49
      },
      "kind": "chart",
      "text": "Core Categories",
      "attrs": null,
      "subkind": "pie",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff50db2d-01cc-4ca3-aaaf-0b48635f511e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.41,
        "w": 0.45,
        "x": 0.04,
        "y": 0.49
      },
      "kind": "image",
      "text": "Premium Brand Portfolio",
      "attrs": null,
      "subkind": "logo-grid",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "96e2e9de-9c93-4da0-95d4-105e6bd1abd6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "revenue multiple: 1.5x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87fe-07d4eb0f755b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.21,
        "w": 0.92,
        "x": 0.04,
        "y": 0.21
      },
      "kind": "paragraph",
      "text": "MGPI's valuation is more expensive than Diageo, Constellation, and Brown Forman, yet it has no proven and firmly established brands! Also, investors that want to make a pure-play investment in the whiskey/bourbon markets (without any manufacturing risks) could look at Castle Brands (AMEX: ROX). While we are not recommending an investment in Castle Brands, it's instructive to see that it trades at just 1.5x revenues and has over $65m of sales growing mid single digits. Compare this valuation to MGPI which is trading at 2.5x sales and has de Minimis branded sales but claims \"premium beverage alcohol\" sales are growing 16% but won't certify it with figures in its 10-Q.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6fa14b70-fbff-41d2-86b6-a464d671cb84",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Castle Brands Investor Presentation, Dec 2016",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5d70b3d5-1c70-475a-ac08-626376c6bdbd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "If You Want Whiskey/Bourbon Exposure Look At Castle Brands As A Comp....",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7bab337e-777e-4174-85ca-ee05b97b5c88",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "d3255d6e-3f24-4d83-b3ad-c81c4c71053e",
      "evidence": "Compares MGPI valuation metrics against Castle Brands to highlight overvaluation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}