{ "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": 21, "pageCount": 89, "prevPage": 20, "nextPage": 22, "slideType": "testimonial", "function": "illustrate_case", "density": "dense", "nDataPoints": 0, "notes": "Uses a call-and-response format to validate the activist thesis.", "elementsJson": [ "headline_text", "callout_box", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/21", "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b", "deckJsonHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-21", "components": [ { "bbox": null, "kind": "callout", "text": "All of the people we spoke with knowledgeable about Avery believe that flexible packaging growth is real and a disruptive factor for its business.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-e6ec-7186-b7d6-37a10186ee5d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.18 }, "kind": "paragraph", "text": "All of the people we spoke with knowledgeable about Avery believe that flexible packaging growth is real and a disruptive factor for its business.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8ddb24a4-fbce-4048-8700-092ce1724f67", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.79, "x": 0.19, "y": 0.277 }, "kind": "quote", "text": "Can you talk about the big disruptive risks facing Avery Dennison.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "660efffe-fefc-4bdd-b050-15d74468aa5b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.79, "x": 0.19, "y": 0.447 }, "kind": "quote", "text": "Where direct printing does work is on flexible packaging where the package is first printed, then packed. For example, a Lay's potato chip bag. If consumer markets move more to flat flexible packaging, that's a disruptive technology for labels. The direct print and type of packaging combined that is a challenge.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "748f3a1a-ca6d-4f31-a9a2-a1d18f962975", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.79, "x": 0.19, "y": 0.625 }, "kind": "quote", "text": "Many brands are moving out of rigid containers into pouches (also known as flexibles). From the recycling point of view they are not the best, but have taken a lot of market share. For example, a big part of the pet food market is now pouches. They can be easily opened and closed. Both shrink sleeves and pouches have been undermining the growth of the decorative label market.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a811ee23-033b-47f4-bae2-6f120f51d7a7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.79, "x": 0.19, "y": 0.8 }, "kind": "quote", "text": "Yes, I believe flexible packaging is growing in popularity.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cfc5b3cf-9cd5-43ed-bfdd-e0b5b57c86fe", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Where direct printing does work is on flexible packaging where the package is first printed, then packed. For example, a Lay's potato chip bag. If consumer markets move more to flat flexible packaging, that's a disruptive technology for labels. The direct print and type of packaging combined that is a challenge.\" — Former Avery VP; \"Many brands are moving out of rigid containers into pouches (also known as flexibles). From the recycling point of view they are not the best, but have taken a lot of market share. For example, a big part of the pet food market is now pouches. They can be easily opened and closed. Both shrink sleeves and pouches have been undermining the growth of the decorative label market.\" — 50 Year Pressure Sensitive Industry Label Expert; \"Yes, I believe flexible packaging is growing in popularity.\" — Large Avery Customer In The Packaging Industry", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-e6ec-7186-b7d6-3ba301a1414c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Experts on Flexible Packaging Impact", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "60d5e400-df59-4371-a70b-89ae00b5e44f", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "call-and-response", "slug": null, "matchId": "f42f13b4-1fc8-4c78-894e-c00c36201776", "evidence": "Pairs questions from the activist with answers from industry experts.", "confidence": 0.9 } ], "arcBeats": [ { "to": 40, "from": 16, "beatId": "0c899a39-e9bd-4a86-98ef-bc50704d3fda", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck highlights multiple signs of financial strain and improper accounting", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }