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  "documentTitle": "Avantor, Inc. (AVTR)",
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  "authorName": "Arnaud Ajdler",
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  "presentationDate": "2025-08-11 00:00:00",
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      "text": "The result has been extreme shareholder value destruction and sustained share price underperformance versus peers - despite Avantor having a higher mix of recurring revenue and defensive consumables exposure.",
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      "text": "Total Shareholder Return: -47%",
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      "kind": "paragraph",
      "text": "introduced at its 2023 Investor Day, which included EBITDA margin above 20% and mid-single-digit organic growth.",
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      "kind": "paragraph",
      "text": "We believe the Board is responsible for Avantor's underperformance and has, in our opinion, failed to adequately oversee the Company's operations, management, capital allocation and succession planning.",
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      "text": "From a valuation perspective, Avantor's multiples have significantly contracted and now trade at all-time lows and at a substantial discount to peers across the life sciences space. As further context, Avantor historically traded at an average NTM EBITDA multiple of approximately 16x while VWR (Avantor's distribution business) historically traded at an average NTM EBITDA multiple of roughly 12x when it was a standalone public entity. Today, Avantor trades for approximately 10x NTM EBITDA.",
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      "text": "Footnotes 2-5 detailing data sources and definitions.",
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      "text": "Avantor Total Shareholder Returns vs. Peers and Benchmarks",
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