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  "docId": "019dd923-622c-750b-8b98-ad29603ddb10",
  "docSlug": "954987ce0454",
  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
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  "pageNumber": 127,
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  "density": "overcrowded",
  "nDataPoints": 60,
  "notes": "Uses shipping data (Bill of Lading) to link Mettler to a specific, struggling customer.",
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  "slideHref": "/slides/019dd923-622c-750b-8b98-ad29603ddb10/127",
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      "kind": "callout",
      "text": "Mettler claims that it has a diversified customer base, with no single end-customer accounting for 1% of sales. However, we believe Pitney Bowes is s meaningful customer that accounts for about 6% of Mettler's annual imports by weight.",
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      "kind": "chart",
      "text": "Pitney Bowes' Shares Near Decade Lows",
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      "text": "Mettler claims that it has a diversified customer base, with no single end-customer accounting for 1% of sales. However, we believe Pitney Bowes is s meaningful customer that accounts for about 6% of Mettler's annual imports by weight. Pitney Bowes' business is under severe pressure, its share price is at a 30yr low, and a bankruptcy event could cause a sales disruption",
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      "text": "Source: Q1'19 10-Q",
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      "kind": "source-note",
      "text": "Source: Panjiva.com",
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      "text": "Source: Bloomberg",
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      "text": "Bill of Lading data showing shipments from China to Mettler",
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      "kind": "table",
      "text": "Six of Seven Revenue Sources in Decline",
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      "kind": "title",
      "text": "How's Pitney Bowes As A Client?",
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      "name": "Cost Of Inaction",
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