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  "documentTitle": "Prestige Consumer Healthcare Inc. (PBH)",
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  "authorName": "Ben Axler",
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  "notes": "Uses visual evidence (shelf photos) and pricing tables to undermine management's M&A rationale.",
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      "text": "Competitive pricing leading to DenTek discounts?",
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      "text": "PBH Premium: 47%",
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      "text": "PBH paid $225 million for DenTek in 2016. While management was highly promotional of DenTek’s leading market position and “high single-digit” growth prospects, we believe it overpaid for a highly commoditized product.",
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      "kind": "quote",
      "text": "We plan to meaningfully increase investments in brand building, A&P and new product development to build a base for continued long-term growth... And we think that this is a very good long-term growth opportunity.",
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      "text": "\"We plan to meaningfully increase investments in brand building, A&P and new product development to build a base for continued long-term growth.\" \"We've got a very well-defined M&A criteria that always starts with brand building and long-term growth profile. And we think that this is a very good long-term growth opportunity.\" \"So the category and DenTek have had very high single-digit growth trends over the last couple of years and we like the makeup of the competitive environment here.\" — Ronald Lombardi, CEO, M&A Call, Nov 23, 2016",
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      "text": "Source: Spruce Point research",
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      "text": "Pricing comparison tables for PBH vs Store Brands",
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