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  "documentTitle": "WD-40 Company (WDFC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-02 00:00:00",
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  "notes": "Uses a 'before-after' style comparison of guidance vs actuals to highlight management's inability to forecast during economic downturns.",
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      "text": "In our view, WD-40 has no visibility in an economic recession. It missed FY 2009 sales and EPS estimates by 13% and almost 10% at the mid-point, respectively.",
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      "text": "EPS: 13%",
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      "text": "In our view, WD-40 has no visibility in an economic recession. It missed FY 2009 sales and EPS estimates by 13% and almost 10% at the mid-point, respectively. In FY 2008 it missed sales and EPS by 5% and 13% and the mid-points, respectively. This time around, the economic crisis is greater, and we expect a much larger miss of its targets.",
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      "kind": "quote",
      "text": "\"These are very unusual times and we are aware that we may need to do things differently,\" Ridge said — Garry Ridge. \"Fiscal 2008 can be characterized as the best of times and the worst of times,\" said Garry Ridge — Garry Ridge.",
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      "text": "Limited Visibility Into Financial Targets During Past Recession",
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