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  "documentTitle": "WD-40 Company (WDFC)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-04-02 00:00:00",
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  "notes": "The slide uses a direct comparison to frame WD-40's valuation as irrational compared to a blue-chip peer.",
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      "text": "Coca-Cola is an iconic world-wide American brand that also depends on its “trade secret” formula and brand equity. To put WD-40’s extreme valuation in perspective, we compare the two. Not only does Coca-Cola have broader diversification, but also significantly higher margins and growth potential despite being 88x larger.",
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      "text": "EV / EBITDA: 28.0x",
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      "text": "Coca-Cola is an iconic world-wide American brand that also depends on its “trade secret” formula and brand equity. To put WD-40’s extreme valuation in perspective, we compare the two. Not only does Coca-Cola have broader diversification, but also significantly higher margins and growth potential despite being 88x larger.",
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      "text": "Source: Company filings and Bloomberg. 1) WD-40's gross margins are adjusted as they are not comparable to other consumer product companies.",
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      "text": "Food For Thought: Is WD-40 More Valuable Than Coca-Cola?",
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