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  "docSlug": "09bbf36d82e5",
  "documentTitle": "Avery Dennison Corporation (AVY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-10 00:00:00",
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  "notes": "The table highlights that Avery Dennison (AVY) trades at higher multiples compared to the average of its peers, with Spruce Point's adjusted figures showing an even higher premium.",
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      "text": "Avery is expensive relative to its specialty chemical and materials peers, even before our adjustments to its enterprise value for added debts, and normalization of EBITDA and Free Cash Flow.",
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      "kind": "metric",
      "text": "Enterprise Value / EBITDA: 15.0x",
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      "text": "Avery is expensive relative to its specialty chemical and materials peers, even before our adjustments to its enterprise value for added debts, and normalization of EBITDA and Free Cash Flow.",
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      "text": "Source: Company filings, Wall St and Spruce Point estimates",
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      "kind": "title",
      "text": "Avery Dennison Trading At An Unjustified Premium To Its Peers",
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      "evidence": "The deck provides Spruce Point's solution, estimating a 35-55% downside in AVY stock",
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