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  "documentTitle": "Avery Dennison Corporation (AVY)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-10 00:00:00",
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  "notes": "The slide uses a table to highlight specific line items (restructuring charges and total debt) that the author claims are manipulated or misleading.",
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      "text": "EBITDA adjustments are $73.7m consistent with the inflated adjustments",
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      "text": "Debt ignores operating leases, environmental liabilities and unfunded pension liabilities",
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      "text": "Net Debt to Adjusted EBITDA: 1.8",
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      "text": "Avery has consistently added back restructuring charges to EBITDA as a Non-GAAP adjustment. However, there are two problems: 1) These charges are frequent and recurring every single year, and 2) There is evidence the accounts don't add up and are being manipulated in a manner to inflate results. As such, Spruce Point believes investors should give Avery no credit for such dubious adjustments.",
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      "text": "Source: FY 2019 Investor Presentation",
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      "text": "Historical EBITDA And Leverage Is Also Overstated",
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