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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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  "notes": "The slide uses a 'before-after' or 'contradiction' framing to undermine management credibility.",
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      "text": "We believe that the disconnect between management’s messaging and observable market trends has eroded investor trust and further contributed to the Company’s valuation discount relative to peers.",
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      "text": "Adj. EBITDA Margins",
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      "text": "Adj. EBITDA Margins: 11.8%",
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      "kind": "paragraph",
      "text": "According to former employees, Avantor's lack of cost discipline stems from ineffective oversight by the Board. The below chart compares Thermo's Laboratory Products and Biopharma Services (\"LPBS\") margins with LSS's margins over time.",
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      "text": "We believe that the disconnect between management's messaging and observable market trends has eroded investor trust and further contributed to the Company's valuation discount relative to peers.",
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      "kind": "quote",
      "text": "We're confident we certainly have a leading [lab solutions] platform here... - CEO Michael Stubblefield, 3Q 2024 Earnings Call",
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      "kind": "quote",
      "text": "They have said for years [LSS] is not losing share, but do the math since 2018... TMO is now $9bn and LSS is still <$5bn. - Sell-Side Analyst, May 2025",
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      "text": "Without exception in across the board, we've either maintained or grown share throughout 2023... - CEO Michael Stubblefield, 2023 Analyst Day",
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      "kind": "quote",
      "text": "\"Without exception in across the board, we’ve either maintained or grown share throughout 2023, and we would expect that to continue...whether it’s in the lab or whether it’s in the production, I think we’ve had another year of good share gains in ’23.\" — CEO Michael Stubblefield, 2023 Analyst Day, 12/8/2023; \"We’re confident we certainly have a leading [lab solutions] platform here and we remain focused on leveraging our capabilities to continue to grow share. And I think there’s certainly a lot of data points here to support our view here that we’ve got a nice share story.\" — CEO Michael Stubblefield, 3Q 2024 Earnings Call, 10/25/2024; \"They have said for years [LSS] is not losing share, but do the math since 2018 when both were +/- $5bn of revenue. TMO is now $9bn and LSS is still <$5bn.\" — Sell-Side Analyst, May 2025",
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      "text": "9 Based on publicly available segment data for Avantor and Thermo as well as Engine's analysis to adjust for comparability.",
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      "kind": "title",
      "text": "2. Ineffective Cost Controls",
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