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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": "Includes detailed adjustments for liabilities and commentary on consensus estimates vs. Spruce Point's view.",
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      "text": "Given our concerns that Avery is running out of aggressive financial and accounting methods used to embellish its results, we see significant downside risks.",
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      "text": "Price Target: $69.00/sh",
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      "text": "1. Includes the following adjustments: a) Environmental liabilities: $19.5m b) Unfunded US and Int'l pensions: $204m c) Operating leases: $140.3m Note: Downside Based on $152.35",
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      "text": "Valuation table showing FCF and EBITDA based price targets",
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      "kind": "title",
      "text": "Spruce Point Estimates 35% – 55% Downside",
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