Contrarian Corpus
Spruce Point Capital vs. Avery Dennison Corporation

Avery Dennison Corporation · AVY

1 deck published between 2020-11-10 and 2020-11-10 — 89 pages, 89 analysed slides total.

initial thesis

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2020-11-10 initial thesis

    2020 11 64e7a0c998f16e3861a166ce_avy_research_thesis_11 10 2020

    89pp · full_deck

    Avery Dennison masks structural decline with restructuring add-backs and inflated Adjusted EBITDA/FCF; normalized for accounting manipulation, AVY is worth $68-99/share — 35-55% downside.