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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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      "text": "Avery is an “investment grade” rated BBB / Baa2 / Stable by agencies S&P and Moody’s, respectively. We believe the credit agencies are not attuned to the fundamental challenges, and problematic accounting masking Avery’s struggles.",
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      "text": "Moody's Credit Opinion report",
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      "text": "Contradiction pairs between Moody's claims and CEO quotes",
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      "text": "Avery is an \"investment grade\" rated BBB / Baa2 / Stable by agencies S&P and Moody's, respectively. We believe the credit agencies are not attuned to the fundamental challenges, and problematic accounting masking Avery's struggles. In fact, Moody's \"Credit Strengths\" are subtly being disproved by management, and our forensic investigation.",
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      "text": "“You're right. We had recaptured all the share within two quarters of some of the share gain as we were going disciplined to the last price increases back in early -- finished in early '19. We did recapture that. We may have lost a little bit.” — AVY CEO On LGM Market Share, Citi Conf, Sept 14, 2020; “So overall, if you look at just the impact of mix and deflation in price that's already baked in, that's definitely been a benefit, but a lot of it's cycling off where we were a year ago, and you got to count in the restructuring as well. So not answering your question directly, we don't have pass-through contracts and so forth. This is a competitive industry.” — AVY CEO, Q1'2020 Conf Call",
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      "text": "Source: Moody's",
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      "text": "Credit Misperceptions Easily Refuted",
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      "evidence": "The deck provides Spruce Point's solution, estimating a 35-55% downside in AVY stock",
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