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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",
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  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 37,
  "pageCount": 136,
  "prevPage": 36,
  "nextPage": 38,
  "slideType": "expose_contradiction",
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  "density": "overcrowded",
  "nDataPoints": 7,
  "notes": "Uses a bar chart to show MTD outperforming peers, combined with a callout box citing a Sartorius guidance cut to imply industry-wide margin pressure.",
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  "slideHref": "/slides/019dd923-622c-750b-8b98-ad29603ddb10/37",
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      "bbox": {
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      "kind": "callout",
      "text": "Sartorius Guidance Cut 7/19/2019: \"For the Lab Products & Services Division, Sartorius now anticipates that due to the softer economic environment, the lower range of the division's sales forecast of about 5% to 9% will be reached. The division's underlying EBITDA margin is expected to be just below 20% (previous guidance: slightly above 20%), with the operating increase accounting for about half a percentage point\"",
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    {
      "bbox": null,
      "kind": "callout",
      "text": "How does Mettler achieve consolidated EBITDA margins higher than Lab peers, when 50% of its business is in lower margin areas?",
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      "toolName": "Visual emphasis",
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      "kind": "chart",
      "text": "EBITDA Margin",
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      "componentId": "33e0be80-42f9-42d3-8fbb-8243a390cd86",
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      "kind": "metric",
      "text": "EBITDA margin: 27.4%",
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      "kind": "paragraph",
      "text": "Recall that slightly greater than 50% of Mettler's sales are into the Lab segment and that it does not disclose margins by product segment. We believe, industrial and retail weighing are slower growing, more competitive, and carry lower margins. How does Mettler achieve consolidated EBITDA margins higher than Lab peers, when 50% of its business is in lower margin areas?",
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    {
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      "kind": "quote",
      "text": "\"For the Lab Products & Services Division, Sartorius now anticipates that due to the softer economic environment, the lower range of the division's sales forecast of about 5% to 9% will be reached. The division's underlying EBITDA margin is expected to be just below 20% (previous guidance: slightly above 20%), with the operating increase accounting for about half a percentage point\" — Sartorius Guidance Cut 7/19/2019",
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      },
      "kind": "source-note",
      "text": "Source: Company and segment filings. Note: We allocate Shimadzu's D&A based on its segment revenue as a % of total",
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      "kind": "title",
      "text": "Consolidated EBITDA Margin Higher Than Lab Peers, But Lab Only 50% of MTD's Business",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The deck presents detailed evidence and analysis of Mettler-Toledo's financial results and accounting practices.",
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