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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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  "notes": "This is a classic activist short thesis slide, focusing on 'financial strain' and 'accounting manipulation'.",
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      "text": "Avery Dennison Showing Multiple Classic Spruce Point Signs of Increasing Financial Strain",
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      "text": "Adjusted Metrics and Organic Sales Increasing While Free Cash Flow Growth Is Retrained; Key Financial Disclosures Being Omitted; Pension Restructuring And Tax Structuring Methods Becoming More Brazen; Management And Board Turnover Accelerating; Returning Capital To Investors Is Falling Well Below Potential; Pivot Back To Acquisitions And Debt Is Rising",
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      "text": "downside: 35% - 55%",
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      "text": "Spruce Point Estimates 35% - 55% Downside ($68.00 - $99.00/share) For Avery Dennison",
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