1 deck published between 2020-04-02 and 2020-04-02 — 68 pages, 68 analysed slides total.
Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.
WD-40 is a promotional, no-moat lubricant company hiding a balance-sheet hole and bloated inventory behind a 28x EBITDA multiple — Spruce Point sees 55-60% downside to $75-$85.