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  "documentTitle": "Avery Dennison Corporation (AVY)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-11-10 00:00:00",
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      "kind": "callout",
      "text": "We Believe Avery's Non-GAAP Operating Margins And Adjusted EPS Are Overstated From At Least 2018",
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      "kind": "callout",
      "text": "Warning: Adjusted Net Income for 2018 Is Overstated By $14.3m ($73.7 - $59.4 Revised) Resulting In Adjusted EPS of $5.90 vs. $6.06 Reported (2.7% Overstated)",
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      "text": "Warning: 2018 Adjusted Operating Margin Is Overstated By $14.3m, Resulting In Operating Margins of 10.8%, Not 11.0% As Presented By Management",
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      "kind": "callout",
      "text": "Warning: Adjusted Net Income for 2018 Is Overstated By $14.3m ($73.7 – $59.4 Revised) Resulting In Adjusted EPS of $5.90 vs. $6.06 Reported (2.7% Overstated)",
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      "text": "Financial reconciliation tables from Avery Dennison",
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      "text": "Adjusted Operating Margin: 10.8%",
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      "text": "AVY has not restated its 2018 Adjusted Operating Margin (or Adjusted EPS) for the restructuring revisions buried deep within the footnotes of its financial statements. As a result, we believe both figures are overstated.",
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      "kind": "source-note",
      "text": "Source: AVY FY 2019 Earnings Report, Jan 29, 2020. Note: AVY still has not revised historical results as of its latest Sept 2020 Investor Presentation",
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