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  "docSlug": "1c836eeb374c",
  "documentTitle": "Monolithic Power Systems (MPWR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-10-09 00:00:00",
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  "notes": "The slide highlights a discrepancy between dividend payout ratios and EPS growth, implying that if earnings were real, the dividend should be higher.",
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      "text": "Monolithic has grown its dividend recently, but well below its potential. If you take Monolithic's financials at face value, EPS is up nearly 400% in the same period the dividend is up 166%.",
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      "text": "Dividend Payout Ratio: 42%",
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      "text": "Monolithic has grown its dividend recently, but well below its potential. If you take Monolithic's financials at face value, EPS is up nearly 400% in the same period the dividend is up 166%. The dividend payout ratio has fallen too. Excess cash has been building up with no purpose. Monolithic does not do M&A, and hasn't repurchased any shares since 2015 (the same year its CEO sold the most stock ever).",
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      "text": "Source: Company filings",
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      "text": "Table showing Year, Annual Dividend, Cumulative Dividend Growth, MPWR EPS, Cumulative EPS Growth, and Dividend Payout Ratio from 2014 to 2019E.",
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      "kind": "title",
      "text": "Dividend Well Below Potential If Earnings Are Accurately Stated",
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