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  "docSlug": "747988e81365",
  "documentTitle": "Hims & Hers Health, Inc. (HIMS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-07-13 00:00:00",
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  "notes": "The slide highlights HIMS's high revenue growth and premium valuation compared to peers, suggesting a potential decline in growth due to market factors.",
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      "text": "We believe HIMS is an e-commerce business selling generic products and services and currently trades at a large premium to peers as a result of its high revenue growth.",
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      "text": "EV / EBITDA: 56.3x",
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      "text": "We believe HIMS is an e-commerce business selling generic products and services and currently trades at a large premium to peers as a result of its high revenue growth. However, given the emergence of new OTC ED medications, and the large marketing expenditure (and high churn) necessary to sustain its revenue growth, we believe its growth rate will materially decline.",
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      "text": "Source: Bloomberg and Spruce Point estimates",
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      "text": "HIMS Comparable Company Analysis table",
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      "kind": "title",
      "text": "HIMS Trades At A Material Premium Relative To Its Small-Cap E-Commerce Peers",
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      "evidence": "The document presents numerous contradictions and issues with HIMS' business model, operations, and financials",
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