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  "documentTitle": "Church & Dwight Co., Inc. (CHD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-05 00:00:00",
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  "notes": "The slide uses a three-part structure with red arrows to highlight specific areas of concern (Flawless acquisition, financial strain, and related party JV).",
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      "text": "Greater Desperation Evident In The Flawless Acquisition",
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      "kind": "callout",
      "text": "Scrutiny of Related Party Joint Venture Armand Products Shows Problematic Accounting Designed To Inflate Financials",
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      "text": "More Subtle Evidence of Financial Strain: Low-Quality Organic Revenue And Cash Flow Sources; Misrepresented EBITDA",
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      "text": "Spruce Point Has Identified Many Flaws In The Flawless Acquisition That Should Give Investors Grave Concerns",
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      "kind": "list",
      "text": "CHD Touts Its Industry Leading Cash Conversion >100% of Net Income, But It's Not As Sexy As It Appears",
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      "text": "Spruce Point Has Documentary Evidence That CHD Controls A Related Party Entity That Inflates Its Financials",
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      "text": "downside risk: 35% – 50%",
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      "kind": "quote",
      "text": "A former CHD executive told us bluntly the deal was, \"Horrible, Horrible, oh Horrible\" and should be \"Dumped\" immediately — Former CHD Executive",
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