{
  "docId": "019dd923-622c-750b-8b98-ef240a9cc70a",
  "docSlug": "c3be1f268cc3",
  "documentTitle": "Prestige Consumer Healthcare Inc. (PBH)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-06-30 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 122,
  "pageCount": 122,
  "prevPage": 121,
  "nextPage": null,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "The table calculates Equity Value and Value Per Share based on varying EBITDA multiples.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-ef240a9cc70a/122",
  "deckHref": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a#slide-122",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe Prestige is overvalued on both a revenue and EBITDA basis. Given Prestige's poor organic growth prospects, lack of competitive advantage, eroding market share, declining financial transparency, low quality management and governance practices, it is well justified for the Company to trade at a discount to its peers.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87ee-96656c667877",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Value Per Share: $14.80",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87ee-98c4d7c0b68a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.00175
      },
      "kind": "paragraph",
      "text": "We believe Prestige is overvalued on both a revenue and EBITDA basis. Given Prestige's poor organic growth prospects, lack of competitive advantage, eroding market share, declining financial transparency, low quality management and governance practices, it is well justified for the Company to trade at a discount to its peers. PBH trades at a premium to the sum of its acquisitions (average deal multiple ~9x EBITDA), yet none of the brands have driven any top line organic growth.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "03642123-92fe-485f-a937-94bfda0c21e7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.02,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Note: $ in millions, except per share amounts. Downside based on share price of $36.63. Diluted shares outstanding 51.7 million. Source: Spruce Point estimates",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "002fcee0-718b-48be-a116-6658ab6f3478",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.7,
        "x": 0.15,
        "y": 0.0038
      },
      "kind": "table",
      "text": "Valuation table showing FY 2022 EBITDA, multiples, Enterprise Value, Debt, Cash, Equity Value, and Value Per Share.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5fb63713-9c19-427a-a6ee-194a1f811efb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.305,
        "y": 0.05
      },
      "kind": "title",
      "text": "Spruce Point Estimates 40% - 60% Downside",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "89e53c1e-a8b3-44d9-a027-2c3bac1a8632",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Thesis archetype",
      "slug": "thesis-archetype",
      "agent": null,
      "layer": "slide",
      "matchId": "cef44041-63c7-4144-b56f-6b8f612f5c1b",
      "evidence": "We believe Prestige is overvalued on both a revenue and EBITDA basis.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "valuation_table",
      "slug": null,
      "matchId": "7a3f2c13-0697-4da4-9648-925ccd89429a",
      "evidence": "The slide presents a structured financial valuation comparison.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 122,
      "from": 11,
      "beatId": "fc4ac38d-48bf-454d-9d50-344d1705ba33",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The majority of the document is dedicated to exposing contradictions and concerns in Prestige Brands' financials, operations, and governance.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 122,
      "from": 10,
      "beatId": "91479d45-6cb5-49fc-9f03-ea82d8e93c6b",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Evidence",
      "beatSlug": "evidence",
      "evidence": "The document provides extensive evidence to support its claims, including financial data, comparisons to peers, and testimonials.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 122,
      "from": 118,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "ce715e34-cfa4-425f-bf00-d5c0c907d6c4",
      "evidence": "The document concludes with an emphasis on the significant downside risk, estimating a 40%-60% decline in Prestige Brands' stock price.",
      "position": 2,
      "objective": "To emphasize the downside risk",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}