{
  "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": 95,
  "pageCount": 122,
  "prevPage": 94,
  "nextPage": 96,
  "slideType": "valuation_table",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 18,
  "notes": "The slide argues that the 'platform premium' is unjustified due to zero organic growth.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-ef240a9cc70a/95",
  "deckHref": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a#slide-95",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "PBH is buying back its own shares at a 1-2x premium relative to the valuation it purchased the underlying businesses.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b63-72e1-b612-4ff0926d0199",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Premium: 2.0x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b63-72e1-b612-5315e8df802d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "PBH is buying back its own shares at a 1-2x premium relative to the valuation it purchased the underlying businesses. Why would it make sense to pay a premium for the “PBH platform” which is experiencing zero organic growth? Spruce Point believe there should be no “platform” premium applied to PBH given the Company’s poor performance and prospects.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f3ea0251-cbef-4179-a4ad-388878958553",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.26,
        "x": 0.02,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "1) Prior deal average multiple\nSource: Company filings, Spruce Point analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59569544-be92-446d-9963-168284aeeefc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.59,
        "x": 0.205,
        "y": 0.35
      },
      "kind": "table",
      "text": "Table showing FY 2019 and FY 2020 metrics including Repurchase Price, Shares, Market Cap, Net Debt, EV, EBITDA, EBITDA Multiple, Acquisition Multiple, and Premium.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5ef1f71a-7096-447e-965d-81b89dc208e7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.39,
        "x": 0.305,
        "y": 0.04
      },
      "kind": "title",
      "text": "Overpaying For Its Own Shares",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bdf3c7d3-6110-42e2-a0ba-092e241b3b66",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "ae40663b-337d-4a2a-bb6d-ce28fc8e01da",
      "evidence": "Exposing overpayment in capital allocation to suggest poor management or value destruction.",
      "confidence": 0.8
    }
  ],
  "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": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}