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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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  "nDataPoints": 48,
  "notes": "The slide uses a two-part valuation build-up (Revenue and P/E) to justify a significant downside target.",
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      "text": "We believe the Street has failed to critically assess the quality and performance of Mettler’s China business, and takes management’s Adj. EPS as given, without stress testing its accounting choices that are geared towards high capitalization of development costs, endless restructuring, and long periods of amortization in excess of industry norms.",
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      "text": "Price Target: $434-$569",
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      "text": "We believe the Street has failed to critically assess the quality and performance of Mettler’s China business, and takes management’s Adj. EPS as given, without stress testing its accounting choices that are geared towards high capitalization of development costs, endless restructuring, and long periods of amortization in excess of industry norms.",
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      "text": "Note: Downside Based on $820 share",
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      "kind": "title",
      "text": "Spruce Point Estimates 30% – 50% Downside",
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      "name": "Cost Of Inaction",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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