{
  "docId": "019dd923-622c-750b-8b99-acb9ee1902a4",
  "docSlug": "7928eb40991c",
  "documentTitle": "Monster Beverage Corp. (MNST)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-04-08 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 76,
  "pageCount": 79,
  "prevPage": 75,
  "nextPage": 77,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 132,
  "notes": "The slide uses a red callout box to highlight the core thesis against Monster Beverage.",
  "elementsJson": [
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  "metadataConfidence": 1,
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  "slideHref": "/slides/019dd923-622c-750b-8b99-acb9ee1902a4/76",
  "deckHref": "/decks/019dd923-622c-750b-8b99-acb9ee1902a4",
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  "components": [
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      "bbox": {
        "h": 0.07,
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      "kind": "callout",
      "text": "We do not believe Monster should trade at the same multiple as Coke. We believe Monster is more dependent on Coke than the other way around. We don't think investors are being compensated with materially higher growth to own Monster vs. Coke.",
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      "kind": "callout",
      "text": "Monster investors not being compensated for the risk vs. Coke. Coke gives safer growth, better governance, and a dividend",
      "attrs": null,
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    {
      "bbox": null,
      "kind": "metric",
      "text": "EV / EBITDA: 23.0x",
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      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
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      "componentId": "019dd953-0f1f-75c8-8577-bb5f7f0a4089",
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      "kind": "source-note",
      "text": "Source: Company financials, Bloomberg and Spruce Point estimates.",
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      "kind": "table",
      "text": "Peer Public Company Valuation Metrics",
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      "kind": "title",
      "text": "We Believe Monster's Valuation Appears Stretched",
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  "metrics": [],
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  "frameworks": [
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      "matchId": "7a08e894-42c4-44f2-81e2-75571891da62",
      "evidence": "Direct comparison of valuation multiples between target and peer group.",
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      "beatId": "3fbbd6c0-6561-465b-9e43-468c5a6bad60",
      "arcName": "Overcoming the Monster",
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      "beatName": "The Victory",
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      "evidence": "Conclusion and call to action with a strong sell opinion and downside risk assessment.",
      "position": 2,
      "confidence": 0.8,
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  "loops": [
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      "to": 79,
      "from": 14,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "469f687c-a10d-4864-98fa-9c9877675ea6",
      "evidence": "Repeated use of 'expose_contradiction' slides to highlight discrepancies in Monster Beverage's reporting and operations.",
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      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
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      "to": 79,
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "b99af0d3-5de2-4e32-9b19-972e9f2ab5cd",
      "evidence": "The conclusion section emphasizes the potential downside risk.",
      "position": 1,
      "objective": "Emphasize the cost of not acting on the sell opinion.",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
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  "locked": true
}