{
  "docId": "019dd923-622c-750b-8b98-ad29603ddb10",
  "docSlug": "954987ce0454",
  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 12,
  "pageCount": 136,
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  "nextPage": 13,
  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 160,
  "notes": "The slide uses a 'too good to be true' argument to imply financial manipulation.",
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      "kind": "callout",
      "text": "With significant exposure to global industrial end markets (notably China), we believe it is highly unlikely that results reflect consistent, perfect execution, but rather reflect aggressive accounting and financial practices that aid performance.",
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      "kind": "metric",
      "text": "earnings disappointment: 0",
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      "kind": "paragraph",
      "text": "Since CEO Filliol took over in 2008, Mettler has done the improbable. Our concerns about Mettler's financial reporting and accounting are heightened by the fact it has never reported an earnings disappointment in 44 quarters since 2008.",
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      "kind": "source-note",
      "text": "Source: Bloomberg SURP function. A meet of expectations counted as a miss. 1) Ametek report in 2014... 2) While KEYS has the highest % of revenue beats...",
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      "kind": "table",
      "text": "Comparison table of Adj EPS and Revenue performance for Mettler-Toledo and peers.",
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      "kind": "title",
      "text": "Holy Toledo: Mettler Hasn't Missed Consensus Earnings Estimates Since 2008",
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      "evidence": "The deck presents a series of revelations about Mettler-Toledo's financial results and accounting practices.",
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