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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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  "notes": "Uses a 'before-after' framing to contrast stated priorities with actual behavior, highlighting a potential conflict of interest or strategic failure.",
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      "kind": "callout",
      "text": "Why does leverage remain high? Why has PBH not completed another acquisition?",
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      "text": "We believe the share repurchase program conflicted with promises to investors and was used as a method to boost EPS.",
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      "text": "Comparison of March 2018 vs May 2018 capital allocation priorities",
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      "text": "We believe the change in the Company's capital allocation plan signals two key points: 1) an abandonment of its prior priorities including first de-leveraging and then strategic M&A, and 2) a lack of acquisition opportunities.",
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      "text": "As we look to fiscal '19, we believe there is a unique opportunity to deliver value to our stakeholders beyond M&A by returning capital to shareholders through the announced $50 million share repurchase.",
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      "text": "\"As we look to fiscal '19, we believe there is a unique opportunity to deliver value to our stakeholders beyond M&A by returning capital to shareholders through the announced $50 million share repurchase. We see this as an incremental way to add shareholder value without inhibiting our long-term ability to invest in brand building, delever and pursue future M&A opportunities.\" — Christine Sacco, CFO, Q4 2018 Call, May 10, 2018",
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      "text": "Source: Investor presentations, earnings calls",
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      "text": "Change In Capital Allocation Plan",
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