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  "documentTitle": "PetIQ, Inc. (PETQ)",
  "authorId": "54_Spruce_Point_Capital",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-04-30 00:00:00",
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  "notes": "The slide uses red boxes to highlight the premium valuation multiples of PetIQ compared to the peer groups.",
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      "kind": "callout",
      "text": "PETQ vs. Pet Care: 45% premium on earnings, 80% premium on EBITDA",
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      "text": "PETQ vs. Pharmaceutical Distributors: 140% premium on earnings, 138% premium on EBITDA",
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      "text": "Why should PetIQ shares trade at more than double pharmaceutical distributor multiples when near-term sales growth is more likely to be 9-11% than 15-20%, and when the Company's outsized margins appear to depend entirely on at-risk vendor rebates?",
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      "text": "P/E: 140%",
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      "text": "PetIQ shares currently trade at a 140% premium to pharmaceutical distributors on both FY20 earnings and FY20 EBITDA due to its historically superior margins and Street expectations of 15-20% top-line growth through the near-to-medium term.",
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      "text": "Why should PetIQ shares trade at more than double pharmaceutical distributor multiples when near-term sales growth is more likely to be 9-11% than 15-20%, and when the Company's outsized margins appear to depend entirely on at-risk vendor rebates?",
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      "kind": "title",
      "text": "Trading At An Unjustified Premium",
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