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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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  "notes": "The slide argues that despite appearing cheap on P/E and EBITDA, PBH is expensive on OCF and Sales multiples, and burdened by debt.",
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      "text": "Although Prestige Brands may appear cheap vs its peers on a P/E and EBITDA multiple basis, PBH trades at a premium to its operating cash flow and sales.",
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      "text": "Enterprise Value / Sales: 3.7x",
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      "text": "Although Prestige Brands may appear cheap vs its peers on a P/E and EBITDA multiple basis, PBH trades at a premium to its operating cash flow and sales. Earnings and sales growth expectations are modest, but we believe still too overly optimistic. PBH is also weighed down by a heavy debt load, limiting any upside to shareholders. As a result, we believe it should trade at a discount to its better positioned peers.",
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      "text": "Note: Financials based on calendar year\nSource: Wall Street estimates, Bloomberg",
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      "text": "Peer group financial data table including Stock Price, Enterprise Value, Growth rates, P/E, EBITDA, Sales, OCF, Price/Book, Net Debt/EBITDA, and Div Yield.",
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      "text": "Prestige Brands Comps",
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