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  "documentTitle": "Prestige Consumer Healthcare Inc. (PBH)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-06-30 00:00:00",
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      "text": "We believe PBH’s disclosure of post-synergy multiples distorts the true purchase price of its acquisitions. By not disclosing its target’s EBITDA or pre-synergy multiple, PBH is able to justify overpaying for acquisitions.",
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      "text": "Fleet Acquisition Investor Presentation – December 23, 2016; DenTek Acquisition Investor Presentation – November 23, 2015; Insight Pharma & Hydralyte Acquisitions Investor Presentation – April 25, 2014",
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      "text": "We believe PBH's disclosure of post-synergy multiples distorts the true purchase price of its acquisitions. By not disclosing its target's EBITDA or pre-synergy multiple, PBH is able to justify overpaying for acquisitions. The Company's lack of disclosures post-close has prevented investors from analyzing management's execution of its stated promises.",
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      "text": "Source: Company filings",
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      "kind": "title",
      "text": "\"Post-Synergy\" Deal Multiples",
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