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  "docSlug": "09bbf36d82e5",
  "documentTitle": "Avery Dennison Corporation (AVY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-10 00:00:00",
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  "pageNumber": 10,
  "pageCount": 89,
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  "notes": "The table demonstrates the impact of adding back unfunded pension, operating leases, and environmental liabilities to the enterprise value.",
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      "text": "Avery is more expensive and levered than it appears. We believe Avery inflates Adjusted EBITDA and EPS with dubious restructuring add-backs. In addition, it obscures reporting of operating leases, which are also debt, and ignores pension and environmental liabilities.",
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      "text": "EV / FCF: 42.8x",
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      "text": "Avery is more expensive and levered than it appears. We believe Avery inflates Adjusted EBITDA and EPS with dubious restructuring add-backs. In addition, it obscures reporting of operating leases, which are also debt, and ignores pension and environmental liabilities.",
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      "kind": "source-note",
      "text": "Source: Company financials, Bloomberg consensus and Spruce Point estimates. 1) Majority of Avery's cash is in foreign jurisdictions but it has foreign debt. We include $31.1m of fixed income investments in Other Current Assets",
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      "text": "Detailed capital structure and valuation metrics comparing Street and Spruce Point adjusted figures.",
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      "kind": "title",
      "text": "Capital Structure And Valuation",
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      "evidence": "The deck identifies significant business challenges and financial strain facing Avery Dennison",
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