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  "docSlug": "c3be1f268cc3",
  "documentTitle": "Prestige Consumer Healthcare Inc. (PBH)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-06-30 00:00:00",
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  "pageNumber": 117,
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  "notes": "The slide uses red boxes to highlight the 'New Peer Group Index' performance compared to the 'Old Peer Group Index' and other benchmarks.",
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      "kind": "callout",
      "text": "Despite changing its peer group, PBH did not disclose change in performance as it did in prior years",
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      "kind": "paragraph",
      "text": "As PBH’s share price performance has underperformed since 2016, the Company has constantly altered its peer group resulting in stronger relative performance. PBH’s filings states “The New Peer Group Index is a self-constructed peer group consisting of companies in the consumer products industry with comparable revenues and market capitalization”, yet one of its peers Akorn is a sub-$40 million penny stock. We believe this “self-constructed” group is tailored to have PBH best represented relative to its peers.",
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      "kind": "quote",
      "text": "The New Peer Group Index is a self-constructed peer group consisting of companies in the consumer products industry with comparable revenues and market capitalization — Prestige Consumer Healthcare Inc. Filings",
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      "text": "Source: Company filings",
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      "kind": "table",
      "text": "Four tables showing performance data from 2017, 2018, 2019, and 2020 Annual Reports.",
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      "kind": "title",
      "text": "PBH’s Share Price Performance Appears Better By “Flattening The Curve”",
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