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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",
  "orientation": "landscape",
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  "pageNumber": 135,
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  "density": "dense",
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  "notes": "The slide uses a 'Spruce Point Adjusted' methodology to re-calculate Net Debt/EBITDA ratios.",
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      "kind": "callout",
      "text": "Mettler's leverage is greater than it appears given our belief that EBITDA is overstated from cost capitalization strategies.",
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      "text": "Net Debt / EBITDA: 2.0x",
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      "kind": "paragraph",
      "text": "Mettler's leverage is greater than it appears given our belief that EBITDA is overstated from cost capitalization strategies. Furthermore, a significant percentage of cash is in China, which cannot be freely repatriated, and which has been growing as % of total cash liquidity. Mettler's decision to increase share repurchases by $200m in 2019/2020 will add additional leverage to its balance sheet.",
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      "kind": "source-note",
      "text": "Source: Mettler financials, Bloomberg EBITDA, and Spruce Point Adjustments. Note: China cash and unfunded pension and benefits assumed constant in Q1'19",
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      "text": "Financial adjustment table showing EBITDA and Debt adjustments from 2015 to PF LTM 3/19.",
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      "kind": "title",
      "text": "Warning: Mettler More Levered Than It Appears",
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