{
  "docId": "019dd923-622c-750b-8b99-721c68819c81",
  "docSlug": "82a42fe61ec9",
  "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-11-09 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 28,
  "pageCount": 28,
  "prevPage": 27,
  "nextPage": null,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "The table uses a scenario-based valuation approach to calculate downside risk.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-721c68819c81/28",
  "deckHref": "/decks/019dd923-622c-750b-8b99-721c68819c81",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-721c68819c81.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-721c68819c81#slide-28",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point believes that ELF’s valuation is supported by its above market revenue growth. This revenue is highly dependent on its retail channels through Target, Walmart, and Ulta Beauty along with continued appeal with mostly female Gen Z consumers. To the extent that ELF receives pushback from these customers related to its association with Movers+Shakers and its perceived messaging and association with the NXIVM cult, there could be material downside to the share price.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14d8-75c0-8c90-472b91bc7c70",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share price: 45%-65%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14d8-75c0-8c90-4aca735e2dd6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Spruce Point believes that ELF's valuation is supported by its above market revenue growth. This revenue is highly dependent on its retail channels through Target, Walmart, and Ulta Beauty along with continued appeal with mostly female Gen Z consumers. To the extent that ELF receives pushback from these customers related to its association with Movers+Shakers and its perceived messaging and association with the NXIVM cult, there could be material downside to the share price.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "847ab841-25d2-46ca-9a93-92f706f6fee5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.96,
        "x": 0.02,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: Company financials, Spruce Point research. 1) ELF is pro forma for the Naturium acquisition which closed in early October. We assume 577K shares issued, $200m and $85M of debt and cash to finance the transaction.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "467513e8-3967-41a0-a201-2fc87edd291d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.96,
        "x": 0.02,
        "y": 0.34
      },
      "kind": "table",
      "text": "Estimated ELF Share Price Sensitivity To Growth Rates",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "219df408-a639-4be6-903d-b790818de8b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.58,
        "x": 0.305,
        "y": 0.05
      },
      "kind": "title",
      "text": "Spruce Point Estimates 45% – 65% Downside",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d6dd3e1-2598-46f2-a8b6-fbd208c47f6c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "scenario_table",
      "slug": null,
      "matchId": "7b9d5e33-2fa6-4d70-8848-cad58ca44fa3",
      "evidence": "The slide presents a sensitivity analysis across Low, Mid, and Base cases.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 28,
      "from": 27,
      "beatId": "69d48c03-ce27-480d-9504-5f98c0d9af1b",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Presenting a peer benchmark and valuation table to support the short thesis",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 28,
      "from": 1,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "906b8199-6870-4f23-b268-c2cf94bad587",
      "evidence": "Presenting a clear and detailed short thesis",
      "position": 1,
      "objective": "Emphasizing the potential downside risk",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}