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  "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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  "notes": "The slide uses a red horizontal line to denote the historical average for each valuation metric.",
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      "kind": "callout",
      "text": "MTD's valuation expansion in the current cycle is absurd in the context that investors are paying a higher multiple every year for a company that has directed +80% of its total cash flow just to purchasing its stock.",
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      "text": "MTD’s valuation expansion in the current cycle is absurd in the context that investors are paying a higher multiple every year for a company that has directed +80% of its total cash flow just to purchasing its stock.",
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      "text": "Enterprise Value / LTM Revenues",
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      "text": "valuation multiples: +80%",
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      "kind": "source-note",
      "text": "Source: MTD Financial Statements, Bloomberg",
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      "text": "Irrational Valuation Expansion",
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