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  "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-11-09 00:00:00",
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  "notes": "The table highlights that ELF trades at higher EV/Sales and EV/EBITDA multiples compared to the peer average, justified by higher growth rates.",
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      "kind": "callout",
      "text": "ELF's share price commands a premium to peers as revenue growth has recently been more than double the industry average and it has avoided slower growing international markets.",
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      "text": "ELF’s share price commands a premium to peers as revenue growth has recently been more than double the industry average and it has avoided slower growing international markets.",
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      "text": "EV / EBITDA: 26.9x",
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      "text": "Source: Spruce Point and Bloomberg consensus. ELF is pro forma for the Naturium acquisition.",
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      "kind": "title",
      "text": "ELF's Stock Is The Most Richly Valued In The Cosmetics And Beauty Industry",
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