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  "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",
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  "pageNumber": 129,
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  "density": "overcrowded",
  "nDataPoints": 40,
  "notes": "Includes a table of financial data and callouts pointing to specific suspicious figures.",
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  "slideHref": "/slides/019dd923-622c-750b-8b98-ad29603ddb10/129",
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      "kind": "callout",
      "text": "Why? 50% of business is tied to Industrial!",
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      "kind": "callout",
      "text": "Only $100m rise in debt is too conservative.",
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      "kind": "callout",
      "text": "What? $619m in 2020 cash would be an all time high. Where is this coming from?",
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      "kind": "callout",
      "text": "What $619m in 2020 cash would be an all time high. Where is this coming from?",
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      "text": "cash: $619m",
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      "componentId": "019dd953-1ac6-76d9-8633-1f53e5fe5e45",
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      "kind": "paragraph",
      "text": "Analysts recognize Mettler's sky high valuation, and also mismodel the company in our opinion. Over 80% of its cash is tied-up in China, and should not be assumed to be freely available for the incremental $200m of share repurchases this year and next. The analyst below doesn't account for incremental debt on the business, and ignores unfunded pension liabilities.",
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      "kind": "paragraph",
      "text": "2Q19 Preview: All Doom, But No Gloom? Plenty of Canaries in Search of a Coal Mine. Following generally solid 1Q results...",
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      "kind": "quote",
      "text": "2Q19 Preview: All Doom, But No Gloom? Plenty of Canaries in Search of a Coal Mine — JPM",
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      "kind": "source-note",
      "text": "Source: JPM – July 16, 2019",
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      "kind": "table",
      "text": "Financial table showing Balance Sheet & Cash Flow Statement items from FY17A to FY20E.",
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      "kind": "title",
      "text": "\"Sky-High\" Valuation... Yet No Strong Sell?",
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The deck presents a sense of urgency and highlights the potential risks of not taking action.",
      "position": 1,
      "objective": "Highlight the potential cost of inaction for investors who fail to sell their shares",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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      "description": "Quantify what happens if the audience does nothing"
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