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  "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",
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  "pageNumber": 78,
  "pageCount": 79,
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  "slideType": "valuation_reveal",
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  "notes": "The slide uses a Bloomberg terminal chart to argue that the current valuation is unjustified given fundamental deterioration.",
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      "kind": "callout",
      "text": "Monster is trading in-line with its 5-year EV / NTM EBITDA multiple despite our belief that its business has fundamentally deteriorated over this time. As a result, we believe it should be trading at a discount to its long-term average of 23x EBITDA.",
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      "kind": "chart",
      "text": "EV / NTM EBITDA chart showing historical trend vs average",
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      "text": "EV / NTM EBITDA: 23x",
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      "text": "Source: Bloomberg",
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      "kind": "title",
      "text": "We Think Monster’s Multiple Should Be Contracting",
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