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  "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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  "notes": "Uses two tables to contrast dividend growth and share buyback trends against company claims.",
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      "kind": "callout",
      "text": "Even With ~$215m of short and long-term cost reductions, Avery still cannot fill the share repurchase gap",
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      "text": "share repurchases: $7m",
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      "text": "If Avery's free cash flow is as robust as it leads investors to believe, then why: 1) Did its dividend growth rate collapse to just 7% from 16%. Its recent increase was just four (4) cents, and 2) Avery's share repurchases dramatically decline?",
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      "text": "Source: Avery SEC Filings and Spruce Point Analysis",
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      "text": "Close Look At Dividend And Stock Buybacks Illustrates The Issue",
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