{
  "docId": "019dd923-622c-750b-8b98-c3e7825e1948",
  "docSlug": "8b6a62f49fba",
  "documentTitle": "Church & Dwight Co., Inc. (CHD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-05 00:00:00",
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  "pageNumber": 21,
  "pageCount": 92,
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  "notes": "The slide uses visual evidence (photos with red boxes) to undermine management's narrative regarding brand positioning and promotional intensity.",
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      "text": "Fighting for shelf space in an intensely competitive market, we find CHD’s products do not generally command the best locations, and are often placed side-by-side generic house brands or at the bottom rack.",
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      "kind": "image",
      "text": "Grid of 8 photos showing retail shelf placement and discount tags.",
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      "text": "Fighting for shelf space in an intensely competitive market, we find CHD's products do not generally command the best locations, and are often placed side-by-side generic house brands or at the bottom rack. While management has suggested the promotional environment has moderated, we see retailers being very promotional to move CHD's various brands.",
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      "text": "Note: Photos taken week of Sept 1, 2019",
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      "kind": "title",
      "text": "Daily Challenges",
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      "evidence": "The document extensively details the problems with CHD, including rising debt, low-quality EBITDA, worrisome strategy shifts, and concerning CEO history.",
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      "evidence": "The overall thesis implies that failing to act on Spruce Point's analysis could lead to significant financial losses for investors holding onto CHD stock.",
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      "objective": "The cost of not selling CHD",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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