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  "documentTitle": "Skechers U.S.A., Inc. (SKX)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-07-19 00:00:00",
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  "notes": "The slide uses a 'Spruce Point Discount' of 20% to arrive at a lower P/E multiple for the SPCM estimate.",
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      "text": "Our estimate of 2022E net income attributable to Skechers assumes a downward revision of YoY growth to 2.5% in Q2 and 10% in Q3 and Q4 and 0-120 bps of net margin miss...",
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      "text": "We believe Skechers' stock price has been largely driven by outsized China growth. Absent the China story, we believe Skechers is “just” a moderate growth, “fast follower” shoe company that will likely never be able to compete with the performance athletic shoe companies that have vastly larger markets and stronger brands.",
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      "text": "Downside From Current: -51%",
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      "text": "We See 30% to 50% Downside in Skechers Shares",
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