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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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      "text": "We don't believe Mettler's share repurchase strategy is disciplined, particularly as it buys its stock at 26x EBITDA and 37x book value, and while insiders rapidly sell.",
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      "text": "We don't believe Mettler's share repurchase strategy is disciplined, particularly as it buys its stock at 26x EBITDA and 37x book value, and while insiders rapidly sell. This looks more like an act to transfer wealth from shareholders to insiders, particularly in light of the Chairman signaling his intention to sell the month before!",
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      "kind": "quote",
      "text": "Great. And then maybe in the final minute or so, just weigh in on capital deployment.",
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      "text": "You guys are very disciplined there, too. So how does the environment look for deals? It's been a couple of years since your last notable acquisition. Is it tougher to find the quality deals or is it valuation.",
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      "text": "I didn't see share repurchases come up.",
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      "text": "I think it's availability. Our definition of strategic fit continues to be the same which is tight. We're looking for – we tend to like the bolt-ons. We like the adjacencies in the Lab and the product inspection space. We like targets that can leverage our Spinnaker program, serve the same end markets, so we have good cross-selling capabilities. But the pipeline hasn't changed. Typically when you're looking at that profile of company, it's an availability, whether it's a private company or something like that. In terms of capital deployment, we also do like share repurchases. We continue to use our free cash flow plus option proceeds to buy back our stock. We've been very consistent about that over the years. We don't try to time the market. We're in the market every single day.",
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      "kind": "quote",
      "text": "\"Great. And then maybe in the final minute or so, just weigh in on capital deployment.\" — Analyst Jack Meehan; \"I didn't see share repurchases come up.\" — CFO Vadala; \"You guys are very disciplined there, too. So how does the environment look for deals? It's been a couple of years since your last notable acquisition. Is it tougher to find the quality deals or is it valuation.\" — Analyst Jack Meehan; \"I think it's availability. Our definition of strategic fit continues to be the same which is tight. We're looking for – we tend to like the bolt-ons. We like the adjacencies in the Lab and the product inspection space. We like targets that can leverage our Spinnaker program, serve the same end markets, so we have good cross-selling capabilities. But the pipeline hasn't changed. Typically when you're looking at that profile of company, it's an availability, whether it's a private company or something like that. In terms of capital deployment, we also do like share repurchases. We continue to use our free cash flow plus option proceeds to buy back our stock. We've been very consistent about that over the years. We don't try to time the market. We're in the market every single day.\" — CFO Vadala",
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      "text": "Source: Barclays Conf – March 13, 2019",
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      "kind": "title",
      "text": "\"Disciplined\" Share Repurchases?",
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