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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 combination of narrative critique and quantitative tables to highlight operational underperformance and M&A value destruction.",
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      "text": "If these businesses were valued at Avantor's global multiple (approximately 10x EBITDA) as opposed to their acquisition multiples of around 28x EBITDA, this implies that over $2.4 billion of value has been destroyed.",
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      "text": "Enterprise Value: $2.4 billion",
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      "text": "SG&A also appears particularly bloated in the BPS segment, growing more than 13% since 2022 despite a 13% decline in sales...",
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      "text": "Other metrics also point to underperformance at Avantor. For example, the Company's productivity in the U.S. declined by nearly 8% from 2019 to 2024...",
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      "text": "These acquisitions continue to weigh on the Company's financial position. Absent these deals, Avantor would carry significantly less debt...",
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      "text": "The Board has demonstrated a poor track record of capital allocation. In 2020 and 2021, Avantor spent a total of $3.8 billion to acquire Ritter GmbH...",
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      "text": "Beyond acquisitions, the Company's pattern of poor capital allocation also extends to missed opportunities to sell the business...",
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      "text": "3. Poor Capital Allocation and Lack of Accountability",
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