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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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      "text": "We believe the combination of underspending on capital expenditures and R&D has benefited PBH’s historic cash flow but will result in increasing financial struggles as acquisitions stall.",
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      "text": "Capex + R&D as % of Sales",
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      "text": "We believe PBH has underinvested in its existing brands and core business... PBH is the only peer that does not disclose its R&D expense.",
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      "text": "Note: Peer companies' financials based on fiscal year closest aligned with PBH's fiscal year end. Source: Company filings, Spruce Point analysis",
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      "kind": "title",
      "text": "Underinvesting In Its Core Business",
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