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  "docId": "019dd923-622c-750b-8b98-ff42cd6c571b",
  "docSlug": "09bbf36d82e5",
  "documentTitle": "Avery Dennison Corporation (AVY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-10 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 82,
  "pageCount": 89,
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  "slideType": "comparison_table",
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  "density": "balanced",
  "nDataPoints": 112,
  "notes": "The table uses color coding (red rows) to highlight specific investors, likely those reducing positions or showing negative trends.",
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      "kind": "callout",
      "text": "Recent buyers bucket Avery as a \"value\" investment, despite the fact we illustrate it trades at the richest multiple in its sector (with below average margins and sales growth) and at a premium to broker fair value.",
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      "kind": "paragraph",
      "text": "Over the past year, there has been only one new institutional investors added in the top 20. More investors have been holding or reducing shares. Recent buyers bucket Avery as a \"value\" investment, despite the fact we illustrate it trades at the richest multiple in its sector (with below average margins and sales growth) and at a premium to broker fair value.",
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      "kind": "source-note",
      "text": "Source: Bloomberg",
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      "kind": "table",
      "text": "Table of institutional shareholders showing shares held from Q4 2019 to Q3 2020, change, and percentage change.",
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      "kind": "title",
      "text": "Investors See Avery As A \"Value\" Investment, We See It As Troubled And Richly Valued",
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      "evidence": "Contrasts investor perception of 'value' with actual trading multiples and institutional behavior.",
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      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The deck provides Spruce Point's solution, estimating a 35-55% downside in AVY stock",
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