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  "docSlug": "7928eb40991c",
  "documentTitle": "Monster Beverage Corp. (MNST)",
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  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-04-08 00:00:00",
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  "notes": "Uses color-coded highlights (green) to emphasize new competitors in the 2024 list.",
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      "text": "Since 2018, approximately 50% of Monster's $3.7 billion in total sales growth has come from international markets, with the largest growth contributor being EMEA. However, we do not expect international sales momentum to continue as only two countries have been added in the past two years, competition has vastly expanded, and regulation appears likely to increase.",
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      "text": "Comparison of 2019 vs 2024 competitor lists highlighting new entrants.",
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      "text": "Sales CAGR: 11.9%",
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      "text": "Since 2018, approximately 50% of Monster's $3.7 billion in total sales growth has come from international markets... we do not expect international sales momentum to continue.",
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      "kind": "quote",
      "text": "Int'l Energy Drink Competition, 2024 10-K: 1 Deletion, 9 Additions — Monster Beverage Corp. SEC Filings",
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      "kind": "source-note",
      "text": "Source: MNST SEC filings and Spruce Point analysis",
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      "kind": "title",
      "text": "Don't Bet On International Expansion; It Is Becoming More Challenging",
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