{
  "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": 77,
  "pageCount": 79,
  "prevPage": 76,
  "nextPage": 78,
  "slideType": "precedent_table",
  "function": "cite_precedent",
  "density": "balanced",
  "nDataPoints": 14,
  "notes": "The slide uses a red box to highlight the ~3x revenue multiple, contrasting it with the implied higher valuation of Monster.",
  "elementsJson": [
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  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-acb9ee1902a4/77",
  "deckHref": "/decks/019dd923-622c-750b-8b99-acb9ee1902a4",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-acb9ee1902a4.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-acb9ee1902a4#slide-77",
  "components": [
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        "x": 0.02,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Both Celsius and Keurig Dr. Pepper are accelerating their push into the energy drink category with the recent acquisitions of GHOST and Alani Nu. Both brands are fast-growing and were acquired at ~3x sales. Monster is valued at over 7x sales and its growth is low single digits.",
      "attrs": null,
      "subkind": "primary",
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    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV / Revenue: 3x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
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      "componentId": "019dd953-0f1f-75c8-8578-0fc6ce93f9f9",
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        "h": 0.02,
        "w": 0.45,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: GHOST and Alani Nu acquisition press releases and conference calls.",
      "attrs": null,
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      "confidence": null,
      "componentId": "b9c05d24-3073-4e81-b5f1-a29250f7826c",
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      "kind": "table",
      "text": "Recent Acquisition of Energy Drink Brands ($ mm)",
      "attrs": null,
      "subkind": "data",
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      "confidence": null,
      "componentId": "eabfc911-cc08-4749-8b4c-ec485915c5df",
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        "h": 0.08,
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        "x": 0.31,
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      },
      "kind": "title",
      "text": "Recent Fast-Growing Energy Brands Acquired At ~3x Revenues",
      "attrs": null,
      "subkind": "headline",
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      "confidence": null,
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  ],
  "metrics": [],
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  "frameworks": [
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      "name": "comparison_frame",
      "slug": null,
      "matchId": "c9b75fd8-d208-44f6-b8ca-22e9ce8f7f24",
      "evidence": "Compares acquisition multiples of GHOST and Alani Nu to establish a valuation benchmark.",
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      "beatId": "3fbbd6c0-6561-465b-9e43-468c5a6bad60",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": null,
      "evidence": "Conclusion and call to action with a strong sell opinion and downside risk assessment.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
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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.",
      "position": 0,
      "objective": "Reveal the extent of Monster Beverage's problems and their implications on the stock price.",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.7,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    },
    {
      "to": 79,
      "from": 73,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "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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  "thumbSrc": null,
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  "locked": true
}