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  "documentTitle": "Monster Beverage Corp. (MNST)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2025-04-08 00:00:00",
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      "kind": "callout",
      "text": "Capex significantly above consensus expectations with the peak misforecast in Deloitte’s last year",
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      "text": "Capex significantly above consensus expectations with the peak misforecast in Deloitte's last year",
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      "text": "Actual vs. Consensus Capex: 138%",
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      "text": "Analysts have done a poor job modeling Monster’s capex, but who can blame them? According to a former employee, Monster had no traditional capex planning.",
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      "text": "So I would tell you there's no traditional Capex planning. When you think of a normal company, it's like, okay, here's how we're going to handle Capex. What's the budget? What's the budget for the whole P&L? I would keep looking for the budget and they'd say, yeah, we don't really talk and speak to the budget because it doesn't really matter that much. The way money is spent is you have to make a pitch to Hilton. You go up on the sixth floor and he takes the little money out of the honey pot and he gives it to you, and then you can go do stuff with it.",
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      "text": "So I would tell you there's no traditional Capex planning. When you think of a normal company, it's like, okay, here's how we're going to handle Capex. What's the budget? What's the budget for the whole P&L? I would keep looking for the budget and they'd say, yeah, we don't really talk and speak to the budget because it doesn't really matter that much. The way money is spent is you have to make a pitch to Hilton. You go up on the sixth floor and he takes the little money out of the honey pot and he gives it to you, and then you can go do stuff with it. — Former Monster Employee",
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      "kind": "source-note",
      "text": "Source: MNST SEC filings. Consensus capex via Bloomberg, Spruce Point research interview",
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      "text": "Capex Costs Have Exploded Much Higher Than Consensus Expectations",
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