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  "docSlug": "09bbf36d82e5",
  "documentTitle": "Avery Dennison Corporation (AVY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-10 00:00:00",
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  "pageNumber": 36,
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  "nDataPoints": 25,
  "notes": "The slide uses a red box to highlight the final calculated 'Organic EBIT Decline' column.",
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      "text": "As a result, we estimate Avery has experienced underlying EBIT contraction.",
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      "kind": "disclaimer",
      "text": "1) Avery made multiple acquisitions during this time period, but did not disclose EBIT or EBITDA contributions from deals. Thus, material organic EBIT decline is likely higher than our estimate",
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      "text": "Organic EBIT Decline: ($22.8)",
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      "text": "Given Avery's frequent restructuring and cost savings programs, we attempt to evaluate its ability to grow Operating Income (EBIT) absent these savings. Between 2015-2019, Avery disclosed average organic sales growth of 4%, and EBIT growth of $266.7m (inclusive of ~$600m of acquisitions for which it did not disclose EBIT contribution). During the same period, cumulative cost savings from disclosed programs totaled approximately $290m. As a result, we estimate Avery has experienced underlying EBIT contraction.",
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      "kind": "source-note",
      "text": "Source: AVY Annual 10-K filings, Investor Presentation and Spruce Point Analysis",
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      "text": "Table showing FY 2015-2019 data for Organic Sales Growth, Adj. EBIT, and Realized Cost Savings, with calculated totals and final Organic EBIT Decline.",
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      "kind": "title",
      "text": "Spruce Point Estimates Negative 5 Year Organic Operating Income",
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