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  "documentTitle": "Monster Beverage Corp. (MNST)",
  "authorId": "54_Spruce_Point_Capital",
  "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": 39,
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  "notes": "Uses a side-by-side comparison of regulatory filings vs. management quotes to highlight lack of transparency.",
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      "text": "Monster's AFF Ireland filings indicate that it intends to supply recipes and formulae for all the non-US companies within the group. Furthermore, management does not disclose where the revenue is derived by geography because it would be \"seriously prejudicial to the interest of the Company.\"",
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      "text": "Monster Comments On AFF Ireland: Feb 27, 2025; Aug 6, 2024; Jan 16, 2024.",
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      "text": "Monster's AFF Ireland filings indicate that it intends to supply recipes and formulae for all the non-US companies within the group. Furthermore, management does not disclose where the revenue is derived by geography because it would be \"seriously prejudicial to the interest of the Company.\" Monster's public comments consistently reinforce sales to the EMEA region.",
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      "kind": "quote",
      "text": "Our AFF flavor facility in Ireland is now providing a large number of flavors to our EMEA region, enabling better service levels and lower landed costs to our EMEA region. — Monster Comments On AFF Ireland (Feb 27, 2025 / Aug 6, 2024)",
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      "text": "Source: Irish Corporate registry, Spruce Point red emphasis",
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      "text": "Excerpts from American Fruits and Flavors Ireland Designated Activity Company Audited financial statements for the year ended 31 December 2023.",
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      "text": "Ireland Was Constructed To Serve Europe, The MidEast And Africa...",
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