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  "docSlug": "4c8f29888304",
  "documentTitle": "Skechers U.S.A., Inc. (SKX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-07-19 00:00:00",
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  "notes": "The slide uses a peer group to argue for multiple contraction by highlighting that Skechers' metrics are more aligned with lower-multiple peers than the 'premier' athletic brands.",
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      "kind": "callout",
      "text": "We do not believe that high multiple, premier performance athletic shoe companies are credible comparables for Skechers. Furthermore, we believe Skechers growth rate will compress and its multiple will contract.",
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      "text": "EV / Sales: 1.0x",
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      "text": "Source: Bloomberg estimates and Spruce Point Research",
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      "text": "Skechers Comparable Company Analysis table with columns for Stock Price, Adj Ent. Value, Margins, Growth, and Valuation Multiples.",
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      "arcName": "Overcoming the Monster",
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