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  "docSlug": "7928eb40991c",
  "documentTitle": "Monster Beverage Corp. (MNST)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-04-08 00:00:00",
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  "notes": "The slide uses a table to show DSO trends and a line chart to show the stock price decline of Celsius, linking the two via an arrow.",
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      "kind": "callout",
      "text": "Supply chain issues, sales disappointment and concerns over Pepsi distribution and inventory",
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      "kind": "callout",
      "text": "While we acknowledge that Monster is 6x larger and Celsius was trading between 10x-12x revenues at the time, it is still instructive to see what can happen once investors embrace a fundamentally broken growth story.",
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      "text": "Days Sales Outstanding: 59",
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      "kind": "paragraph",
      "text": "Days sales outstanding, a measure of how long it takes to collect payment, has generally improved for beverage companies over the past four years. However, the two companies that have notably struggled are pure plays in the energy drink category – Celsius and Monster. Both companies have comparable DSOs of around 60 days. When the full extent of Celsius' challenges became known to the market, the stock declined precipitously. While we acknowledge that Monster is 6x larger and Celsius was trading between 10x-12x revenues at the time, it is still instructive to see what can happen once investors embrace a fundamentally broken growth story.",
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      "text": "Supply chain issues, sales disappointment and concerns over Pepsi distribution and inventory — Annotation on Celsius stock chart.",
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      "kind": "source-note",
      "text": "Source: Bloomberg, 1) \"Celsius Struggles with Supply Chain Woes\", Fool.com, Nov 6, 2024",
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      "text": "Days Sales Outstanding Among Beverage Companies table",
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      "kind": "title",
      "text": "Monster's DSOs Keep Growing",
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