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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",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
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  "pageNumber": 36,
  "pageCount": 136,
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  "notes": "The slide highlights Mettler-Toledo in orange rows to contrast its high margin ranking with its low sales and EBITDA per employee rankings.",
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      "kind": "callout",
      "text": "We believe this suggest a high likelihood that Mettler’s EBITDA margins are overstated and cannot be relied upon.",
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    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA margin",
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      "subkind": "primary",
      "toolName": "Quantification",
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      "kind": "paragraph",
      "text": "From our experience, it is more common to see companies fudge financial data such as sales, and more easily EBITDA which is subject to significant accounting discretion, than employee data. We observe that Mettler's EBITDA margins are slightly above the average of its lab and analytical instrument peers. However, its revenue and EBITDA per employee is the worst among peers. This is atypical among the data observed, where companies with above average margins tend to have above average sales and EBITDA per employee results, while those with below average margins exhibit below average per employee metrics. We believe this suggest a high likelihood that Mettler's EBITDA margins are overstated and cannot be relied upon.",
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      "kind": "source-note",
      "text": "Source: Bloomberg and Company financials\nNote: Average includes all workers 1) Excludes temporary works.",
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      "kind": "table",
      "text": "EBITDA Margin peer comparison table (2016-2018) showing Intuitive Surg., Waters, Roper Tech, Hologic, RedMed, Eppendorf, Agilent, Idex Corp, Satorius, Ametek, Mettler-Toledo, Thermo Fisher, Fortive, PerkinElmer, Rockwell, Varian, Keysight, Xylem, Bruker, Bio-Rad, Shimadzu, and Average.",
      "attrs": {
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      "kind": "table",
      "text": "Sales / Employee peer comparison table (2016-2018) showing Intuitive Surg., Hologic, Varian, ResMed, Thermo Fisher, Idex Corp, Waters, Roper Tech, Xylem, Agilent, Keysight, Rockwell Auto, Shimadzu, Bio-Rad, Bruker, Fortive, Ametek, Eppendorf, Satorius, Perkin Elmer, Mettler-Toledo (1), Mettler-Toledo, and Average.",
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    {
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      "kind": "table",
      "text": "EBITDA / Employee peer comparison table (2016-2018) showing Intuitive Surg., Hologic, Waters, Roper Tech, ResMed, Idex Corp, Thermo Fisher, Varian, Agilent, Eppendorf, Ametek, Fortive, Rockwell Auto, Satorius, Keysight, Xylem, Mettler-Toledo (1), PerkinElmer, Bruker, Mettler-Toledo, Bio-Rad, Shimadzu, and Average.",
      "attrs": {
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          "Mettler-Toledo"
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      },
      "kind": "title",
      "text": "Concerns of Potential EBITDA Overstatement",
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