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  "documentTitle": "A.O. Smith Corporation (AOS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-05-16 00:00:00",
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  "notes": "The slide uses a 'less' adjustment table to calculate organic growth, followed by a table detailing acquisition multiples.",
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      "text": "Now with the China story having cracked, we believe AOS will be dependent on organic North American growth to support its momentum.",
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      "text": "organic growth: 6.0%",
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      "text": "Now with the China story having cracked, we believe AOS will be dependent on organic North American growth to support its momentum. As a result, management has recently pivoted towards acquisitions...",
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      "text": "1) AOS acquires Lochinvar\n2) Deduced from $58.5m total segment sales\n3) Reported on Q4'17 conference call",
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