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  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
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  "pageNumber": 58,
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  "notes": "The slide uses a comparison of management's guidance statements from Q3 2014 and FY 2014 to highlight a narrowing of guidance ranges despite market volatility, followed by a quantitative breakdown of hedged vs. unhedged currency exposure.",
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      "kind": "callout",
      "text": "Range narrowed with unprecedent volatility?",
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      "text": "We estimate the currency hit was more likely $0.29 - $0.38c.",
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      "text": "EPS Impact: $0.38",
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      "text": "“The Company stated that based on its assessment of market conditions today, management anticipates local currency sales growth in 2015 will be in the range of 4% to 5%. This sales growth will result in Adjusted EPS in the range of $12.80 to $13.05. Using the midpoint of the 2014 Adjusted EPS range, this reflects an increase of 10% to 12%.” Source: Q3’2014 Results, Nov 16, 2014",
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      "text": "“The Company updated its outlook for 2015 and noted that forecasting remains challenging due to continued uncertainty in demand in some markets and greater volatility in foreign exchange rates. Based on today’s assessment, management anticipates that local currency sales growth in 2015 will be in the range of 4% to 5% and Adjusted EPS in the range of $12.80 to $12.90, an increase of 8% to 10%. The Company also stated that the above guidance reflects the estimated impact of recent changes in foreign exchange rates. Specifically, assuming foreign exchange rates remain constant at current levels, the Company estimates that Adjusted EPS growth is reduced by approximately 4% for the full year 2015 and by approximately 5% in the first quarter 2015 as compared to the foreign exchange rate environment that was in place last year. This reduction in earnings growth includes the impact of previously-disclosed Swiss Franc / Euro foreign currency forward contracts.” Source: FY 2014 results, Feb 5, 2015",
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      "kind": "paragraph",
      "text": "Spruce Point is highly skeptical that MTD was able to navigate unprecedented and unexpected revaluation of the Swiss Franc in 2015 with such a limited impact...",
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      "kind": "quote",
      "text": "\"The Company stated that based on its assessment of market conditions today, management anticipates local currency sales growth in 2015 will be in the range of 4% to 5%. This sales growth will result in Adjusted EPS in the range of $12.80 to $13.05. Using the midpoint of the 2014 Adjusted EPS range, this reflects an increase of 10% to 12%.\" — Q3'2014 Results, Nov 16, 2014",
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      "kind": "source-note",
      "text": "Note: the EUR/CHF and USD/CHF moved approximately 14% and 11% from pre-revaluation to the time MTD revised guidance on Feb 5, 2015...",
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      "kind": "table",
      "text": "Hedged EUR/CHF Exposure, Unhedged USD/CHF Exposure, Total Exposure tables",
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      "kind": "title",
      "text": "We Estimate A Much Bigger Earnings Hit Than Management Revealed",
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