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  "documentTitle": "Monster Beverage Corp. (MNST)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-04-08 00:00:00",
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  "notes": "The slide uses a standard valuation build-up (EBITDA to Equity Value to Share Price) to demonstrate downside risk.",
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      "text": "Spruce Point believes there is significant downside risk to Monster's share price as its premium multiple is reconsidered by institutional investors in the face of our strong evidence to indicate that it is masking growing pressures. We principally diverge from the Street on Monster's ability to expand margins.",
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      "text": "Spruce Point believes there is significant downside risk to Monster's share price as its premium multiple is reconsidered by institutional investors in the face of our strong evidence to indicate that it is masking growing pressures.",
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      "kind": "list",
      "text": "Factors Why MNST's Valuation Should Compress",
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      "text": "share price: -37%",
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      "kind": "source-note",
      "text": "1) 70% of cash is at foreign subsidiaries which we discount by 15% to account for repatriation taxes. Source: Company financials, Spruce Point research",
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      "text": "MNST's Share Valuation table",
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      "kind": "title",
      "text": "Spruce Point Estimates 25% – 40% Long-Term Potential Downside Risk",
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