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  "docSlug": "8b6a62f49fba",
  "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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  "pageNumber": 89,
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  "slideType": "valuation_table",
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  "density": "dense",
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  "notes": "The slide highlights that CHD's premium valuation is unjustified given its growth profile and dividend yield compared to larger, more established peers.",
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      "text": "Despite not having the size and scale to compete with larger peers, and known to have historically pursued a copy-cat like strategy to mimic products, CHD commands a premium valuation.",
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      "text": "P/E 2019E: 32.3x",
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      "text": "Despite not having the size and scale to compete with larger peers, and known to have historically pursued a copy-cat like strategy to mimic products, CHD commands a premium valuation. Investors are sacrificing a lower dividend yield in favor of the hope of a couple percentage points of organic growth. We believe CHD's organic growth is fleeting, and it would better serve investors by ceasing further acquisitions and share repurchases to increase its dividend.",
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      "text": "Source: Company financials, Bloomberg consensus estimates",
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      "text": "Peer group valuation table including Stock Price, Enterprise Value, Margins, Growth, P/E, EBITDA, Sales, OCF, Price/Book, Net Debt/EBITDA, and Dividend Yield.",
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      "kind": "title",
      "text": "Relative Valuation",
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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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