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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 three-part structure to categorize allegations: financial performance, organizational structure, and historical audit issues.",
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      "kind": "callout",
      "text": "Oddly Organized Company That Doesn't Seem To Match Customer Footprint",
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      "kind": "callout",
      "text": "A High Precision Company That Never Misses Numbers, Or Worse, Highly Manipulates Financial Results?",
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      "kind": "callout",
      "text": "Past Allegations Made 15 Years Ago May Have Merit With The Benefit Of A Fresh Investigation",
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      "kind": "callout",
      "text": "Mettler has exceeded sell-side quarterly EPS targets 100% of the time since 2008, and by no coincidence, management has always met 100% of its annual cash bonus targets.",
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      "text": "Mettler has exceeded sell-side quarterly EPS targets 100% of the time since 2008... No backlog and short order business... Able to navigate through every emerging market/trade crisis unscathed...",
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      "text": "downside risk: 30% - 50%",
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      "kind": "paragraph",
      "text": "Spruce Point has significant concerns about Mettler-Toledo (NYSE: MTD)... We see 30% - 50% ($410-$574/sh) downside once investors dissect EPS quality and realize MTD's valuation is extreme.",
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      "kind": "quote",
      "text": "The Audit Committee and the Board have determined that it would be in the best interests of the Company to make changes in the leadership for the oversight and control of its financial operations to correct the \"tone at the top\" and ensure it is consistent with the Board's commitment to maintaining strong corporate governance. The Company will enhance the accounting organization, both by adding personnel to that function and by increasing training for all members of the organization. — Mettler-Toledo (2004 10-Q disclosure)",
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      "text": "Spruce Point Estimates 30% – 50% Downside Risk At Mettler-Toledo (NYSE: MTD)",
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