Investment Research report

Prestige Consumer Healthcare, Inc.

NYSE:
pbh
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Prestige Consumer Healthcare, Inc.
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Research Overview

INDEX:
S&P 500
Sector:
Healthcare
Position:
Short
Date:
Jun 30, 2020

After conducting a forensic financial and accounting review, Spruce Point believes Prestige Consumer Healthcare (NYSE: PBH), an over-the-counter (OTC) healthcare product supplier, to be a challenged and overleveraged consumer healthcare business perceived to have steady growth and the ability to generate free cash flow to reduce debt. Based on our latest investigation, we forecast 40% to 60% downside risk, or $15 to $23 per share.

The report highlights several key concerns with the company, including:

  • We see long-term secular challenges amid shift to e-commerce and competition from private label brands
  • We view PBH as a financially challenged roll-up that continuously misses organic revenue growth targets
  • Behavioral similarities between PBH and its CFO’s former company, Boulder Brands, a failed consumer roll-up
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