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"thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-eaae8b08698d", "docSlug": "c665ec3b53b5", "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 24, "slideType": "comparison_table", "function": "expose_contradiction", "notes": "Red arrows are used to highlight specific entities in the 'Pre-U.S. Listing' table that contain the word 'Tobacco'.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/24", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-24", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 6, "beatId": "abde5119-eb1f-41d5-93e1-e799fbfaa3b5", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck presents extensive evidence of financial and operational issues, worsening the situation.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-eaae8b08698d", "docSlug": "c665ec3b53b5", "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 25, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses red boxes and arrows to visually demonstrate the renaming of 'Tobacco Packaging' to 'Specialty Cartons' between 2017 and 2018.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/25", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-25", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 6, "beatId": "abde5119-eb1f-41d5-93e1-e799fbfaa3b5", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck presents extensive evidence of financial and operational issues, worsening the situation.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-eaae8b08698d", "docSlug": "c665ec3b53b5", "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 26, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a combination of a bar chart for industry growth and a table for financial estimates to highlight the discrepancy.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/26", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-26", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 6, "beatId": "abde5119-eb1f-41d5-93e1-e799fbfaa3b5", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck presents extensive evidence of financial and operational issues, worsening the situation.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-eaae8b08698d", "docSlug": "c665ec3b53b5", "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 27, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a chronological table of quotes to show the shift in disclosure policy.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/27", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-27", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 6, "beatId": "abde5119-eb1f-41d5-93e1-e799fbfaa3b5", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck presents extensive evidence of financial and operational issues, worsening the situation.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-eaae8b08698d", "docSlug": "c665ec3b53b5", "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 28, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a table to adjust reported revenues for divestitures to reveal underlying organic performance.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/28", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-28", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 6, "beatId": "abde5119-eb1f-41d5-93e1-e799fbfaa3b5", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck presents extensive evidence of financial and operational issues, worsening the situation.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-eaae8b08698d", "docSlug": "c665ec3b53b5", "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 29, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a red box to highlight the pro forma calculation and the resulting organic revenue decline.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/29", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-29", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 6, "beatId": "abde5119-eb1f-41d5-93e1-e799fbfaa3b5", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck presents extensive evidence of financial and operational issues, worsening the situation.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-eaae8b08698d", "docSlug": "c665ec3b53b5", "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 30, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a red box to highlight a specific recent closure that contradicts the CEO's Feb 2020 claim.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/30", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-30", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 6, "beatId": "abde5119-eb1f-41d5-93e1-e799fbfaa3b5", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck presents extensive evidence of financial and operational issues, worsening the situation.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-eaae8b08698d", "docSlug": "c665ec3b53b5", "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 31, "slideType": "geographic_map", "function": "diagnose_problem", "notes": "Includes income statement snippet, map of Italy highlighting Lugo, and tables for sales by location and workforce composition.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/31", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-31", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 6, "beatId": "abde5119-eb1f-41d5-93e1-e799fbfaa3b5", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck presents extensive evidence of financial and operational issues, worsening the situation.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-eaae8b08698d", "docSlug": "c665ec3b53b5", "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 32, "slideType": "geographic_map", "function": "diagnose_problem", "notes": "Includes an income statement snippet, a map of the Modena area, and a headcount table.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/32", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-32", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 6, "beatId": "abde5119-eb1f-41d5-93e1-e799fbfaa3b5", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck presents extensive evidence of financial and operational issues, worsening the situation.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-eaae8b08698d", "docSlug": "c665ec3b53b5", "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 33, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a chronological sequence of quotes to highlight management's shifting explanations for poor performance in Latin America.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/33", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-33", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 6, "beatId": "abde5119-eb1f-41d5-93e1-e799fbfaa3b5", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck presents extensive evidence of financial and operational issues, worsening the situation.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-eaae8b08698d", "docSlug": "c665ec3b53b5", "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 34, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a direct quote from the company's own SEC filings to expose management failure.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/34", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-34", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 6, "beatId": "abde5119-eb1f-41d5-93e1-e799fbfaa3b5", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck presents extensive evidence of financial and operational issues, worsening the situation.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-eaae8b08698d", "docSlug": "c665ec3b53b5", "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 35, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses red circles and strike-through marks to visually emphasize the data mismatch between different reporting periods.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/35", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-35", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 6, "beatId": "abde5119-eb1f-41d5-93e1-e799fbfaa3b5", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck presents extensive evidence of financial and operational issues, worsening the situation.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-eaae8b08698d", "docSlug": "c665ec3b53b5", "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 36, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses red lines to visually connect specific data points between two different financial tables to demonstrate the contradiction.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/36", 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null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/53", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-53", "loopMatches": [ { "to": 59, "from": 52, "name": "Quick Win Big Bet", "slug": "47-quick-win-big-bet", "bestFor": "Transformation planning, 100-day plans, resource allocation", "matchId": "53c07a7b-0b0c-4f14-baa7-c199804d850d", "evidence": "The deck presents benchmarking analysis to argue that Amcor's synergies are suspect.", "position": 2, "objective": "To argue that investing in Amcor is not a great thesis", "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap", "confidence": 0.6, "description": "Separate initiatives into immediate wins and longer-term strategic bets" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { 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"slug": "47-quick-win-big-bet", "bestFor": "Transformation planning, 100-day plans, resource allocation", "matchId": "53c07a7b-0b0c-4f14-baa7-c199804d850d", "evidence": "The deck presents benchmarking analysis to argue that Amcor's synergies are suspect.", "position": 2, "objective": "To argue that investing in Amcor is not a great thesis", "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap", "confidence": 0.6, "description": "Separate initiatives into immediate wins and longer-term strategic bets" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-eaae8b08698d", "docSlug": "c665ec3b53b5", "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", 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