{
  "docId": "019dd923-622c-750b-8b98-ff42cd6c571b",
  "docSlug": "09bbf36d82e5",
  "documentTitle": "Avery Dennison Corporation (AVY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-10 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 14,
  "pageCount": 89,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 32,
  "notes": "The slide uses a bearish thesis to justify a significant price target reduction based on normalized financials.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/14",
  "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-14",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Given our concerns that Avery is running out of aggressive financial and accounting methods used to embellish its results, we see significant downside risks.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ec-7186-b7d5-8ce79dcf75ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Price Target: $69-$91",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ec-7186-b7d5-91cae495771a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Given our concerns that Avery is running out of aggressive financial and accounting methods used to embellish its results, we see significant downside risks.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d172eeeb-1e60-4d80-ba5d-0e9f34891333",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.03,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "1. Includes the following adjustments: a) Environmental liabilities: $19.5m, b) Unfunded US and Int'l pensions: $204m, c) Operating leases: $140.3m. Note: Downside Based on $152.35",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "19cb6e55-4aa0-406e-b7a3-1e18569eb1c4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.94,
        "x": 0.03,
        "y": 0.32
      },
      "kind": "table",
      "text": "Valuation table showing FCF and EBITDA multiples, adjustments, and resulting price targets.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "060503e5-6745-4c55-a5f1-05d67e12a621",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.68,
        "x": 0.29,
        "y": 0.04
      },
      "kind": "title",
      "text": "Spruce Point Estimates 35% – 55% Downside",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9681167d-c886-4f68-9168-024eaa4981cc",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 15,
      "from": 5,
      "beatId": "7e7e3897-bd4b-48a1-bc38-57b53dd43d45",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The deck identifies significant business challenges and financial strain facing Avery Dennison",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 10,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "852dfbfb-9aee-497a-baad-80fe2152772f",
      "evidence": "The deck highlights the risks of ignoring Avery Dennison's financial strain",
      "position": 0,
      "objective": "What are the consequences of ignoring Avery Dennison's financial strain?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}