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  "documentTitle": "Church & Dwight Co., Inc. (CHD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-05 00:00:00",
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  "notes": "Includes detailed footnotes explaining adjustments to EBITDA and rationale for multiple selection.",
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      "text": "We believe the Street has failed to critically assess the accuracy of its financials and achievability of projections offered by management from recent acquisitions in light of its recent (Agro / Passport) and long-term acquisition failures.",
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      "kind": "list",
      "text": "1) Historical accounting gimmicks... 2) Normalized JV Consolidation... 3) 100bps expansion... 4) Waterpik margin expansion... 5) Saturated distribution in FLAWLESS.",
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      "text": "Price Target: $38.47/sh",
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      "text": "We believe the Street has failed to critically assess the accuracy of its financials and achievability of projections offered by management from recent acquisitions in light of its recent (Agro / Passport) and long-term acquisition failures.",
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      "kind": "source-note",
      "text": "1. From the JV's $100m of sales... 2. Disclosed in Annual Report. Note: Downside Based on $80 share",
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      "text": "Spruce Point Estimates 35% – 50% Downside",
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