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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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  "pageNumber": 36,
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  "notes": "The slide uses a table to calculate implied revenue from CCEP and compares it against reported volume growth to highlight a discrepancy.",
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      "kind": "callout",
      "text": "In 2024, CCEP reported +6.3% volume growth, or 50% below the 13% revenue growth reported by Monster.",
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      "text": "Core brands supporting volume growth 2023 vs 2024",
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      "text": "volume growth: 6.3%",
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      "text": "Coca-Cola Europacific Partners (CCEP) is a major European customer of Monster, accounting for 67% of EMEA sales. In 2023, CCEP reported volume growth which closely matched Monster's revenue growth from CCEP. In 2024, CCEP reported +6.3% volume growth, or 50% below the 13% revenue growth reported by Monster. Monster did not discuss any price increases in EMEA.",
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      "kind": "source-note",
      "text": "Source: Coca-Cola Europacific Partners, MNST SEC filings, Spruce Point analysis",
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      "text": "Volumes And Revenue Diverge With Monster's Largest EMEA Customer",
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