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  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
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  "notes": "The slide highlights that Mettler-Toledo spent 84% of its Operating Cash Flow on net share repurchases, significantly higher than its peers.",
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      "text": "Under CEO Filliol's tenure, Mettler has shown it is the most aggressive company in its industry when it comes to share repurchases.",
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      "text": "Net Spend on Shares as % of OCF: 84%",
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      "text": "Under CEO Filliol's tenure, Mettler has shown it is the most aggressive company in its industry when it comes to share repurchases. We believe It has eschewed M&A, and used capex as means to inflate EBITDA, while using excessive cash flow to repurchase its stock at inflated value.",
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      "text": "Source: Bloomberg and company financials",
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      "text": "Wasteful And Excessive Cash Used To Purchase Stock At Inflated Value",
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