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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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  "pageNumber": 86,
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  "notes": "The slide uses a red circle to highlight negative revenue surprises, contrasting them with the green-colored positive EPS surprises.",
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      "text": "Revenue is much harder to manage vs. “Adjusted” EPS. We see that Avery has started to consistently miss revenue expectations while regularly beating “Adjusted” EPS expectations.",
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      "text": "Adjusted EPS",
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      "text": "Revenue is much harder to manage vs. “Adjusted” EPS. We see that Avery has started to consistently miss revenue expectations while regularly beating “Adjusted” EPS expectations. The sources of the “Adjusted” EPS beats are regularly through lower tax rates and cost cuts. We believe both of these upside sources are withering and will become headwinds.",
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      "text": "Source: Bloomberg",
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      "text": "Few Avery Adjusted EPS Misses: Reported vs. Consensus",
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      "text": "Many Avery Revenue Misses: Reported vs. Consensus",
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      "kind": "title",
      "text": "While Revenue Disappointments Increase....",
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      "evidence": "Contrasts revenue performance with adjusted EPS performance to expose accounting manipulation.",
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      "evidence": "The deck provides Spruce Point's solution, estimating a 35-55% downside in AVY stock",
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