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  "documentTitle": "WD-40 Company (WDFC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-02 00:00:00",
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  "notes": "The table compares WD-40 (WDFC) against 7 peers across various financial metrics including margins, growth, and valuation multiples.",
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      "text": "WD-40’s valuation relative to its own selected peers set of specialty chemical and auto part distributors exposes its extreme valuation. Its valuation becomes even more expensive once it becomes evident that overly aggressive estimates for 2020-2021 will be difficult to achieve.",
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      "text": "Enterprise Value / EBITDA: 27.6x",
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      "text": "WD-40's valuation relative to its own selected peers set of specialty chemical and auto part distributors exposes its extreme valuation. Its valuation becomes even more expensive once it becomes evident that overly aggressive estimates for 2020-2021 will be difficult to achieve.",
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      "text": "Source: Bloomberg and Spruce Point adjustments. Note: Peers from WD-40's proxy statement",
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      "text": "Perplexing Relative Valuation",
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