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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": "Includes two tables: one showing historical buyback data and one showing sensitivity analysis of EPS returns based on share price.",
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      "kind": "callout",
      "text": "Mettler Is Repurchasing Shares At Increasing Inflated Multiples",
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      "text": "With Diminishing Returns To EPS From The Higher Share Price",
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      "text": "We call on Mettler to cease its repurchase strategy immediately.",
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      "text": "Price/Book: 38.0x",
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      "text": "Repurchasing shares now at 36x, 26x and 37x P/E, EBITDA and book value is value destructive. Mettler would serve shareholders better if it put the capital to work in synergistic M&A or to initiate a regular dividend. Moreover, since Mettler’s rank and file employees don’t receive any stock, Mettler’s share repurchase policy disproportionately benefits management. We call on Mettler to cease its repurchase strategy immediately.",
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      "text": "Source: Bloomberg and company financials",
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      "text": "Assumed Average Share Repurchase Price sensitivity table",
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      "text": "Diminishing Returns To Buyback Impede Ability To Grow EPS",
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