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"activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 80, "slideType": "precedent_table", "function": "cite_precedent", "notes": "The slide uses a 'guilt by association' framing to undermine the credibility of the target company's auditor.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/80", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-80", "loopMatches": [], "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", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 81, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses callout boxes to contrast media reporting on conflict of interest with the company's proxy statement regarding the departure.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/81", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-81", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-eaae8b08698d", "docSlug": "c665ec3b53b5", "documentTitle": "Amcor plc (pro forma 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"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": 83, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a red box to highlight high percentage payouts and a red box to highlight the 'suspect' nature of the financial targets.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/83", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-83", "loopMatches": [], "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", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 84, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a callout box to link a specific corporate disclosure to the activist's interpretation of management's intent.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/84", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-84", "loopMatches": [], "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", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 85, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a direct quote from a company filing to contrast with the activist's claim of negligence.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/85", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-85", "loopMatches": [], "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", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 86, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a 'villain' framing by calling the benchmark 'absurd' and 'irrelevant'.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/86", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-86", "loopMatches": [], "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", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-03-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 87, "slideType": "section_divider", "function": "transition", "notes": "Standard Spruce Point Capital Management section divider.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/87", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-87", "loopMatches": [], "arcBeatMatches": [ { "to": 95, "from": 87, "beatId": "9975a406-341e-4eef-bc47-c5708813dd78", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The deck concludes by presenting a solution (sell the stock) and estimating a 40-60% downside.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "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": 88, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a table to contrast analyst locations and price targets against management's stated goals.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/88", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-88", "loopMatches": [], "arcBeatMatches": [ { "to": 95, "from": 87, "beatId": "9975a406-341e-4eef-bc47-c5708813dd78", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The deck concludes by presenting a solution (sell the stock) and estimating a 40-60% downside.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "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": 89, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a red box to highlight the specific fundamental owners (American Century and Mairs & Power) who have been selling, directly contradicting the CEO's quote.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/89", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-89", "loopMatches": [], "arcBeatMatches": [ { "to": 95, "from": 87, "beatId": "9975a406-341e-4eef-bc47-c5708813dd78", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The deck concludes by presenting a solution (sell the stock) and estimating a 40-60% downside.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "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": 90, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a red arrow to visually link the 'Acquisitions and/or buy-backs' box in the model to the text highlighting the $500m buyback.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/90", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-90", "loopMatches": [], "arcBeatMatches": [ { "to": 95, "from": 87, "beatId": "9975a406-341e-4eef-bc47-c5708813dd78", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The deck concludes by presenting a solution (sell the stock) and estimating a 40-60% downside.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "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": 91, "slideType": "valuation_table", "function": "analyze_data", "notes": "Includes a specific callout box highlighting a period of sustained negative sales growth for Bemis.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/91", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-91", "loopMatches": [], "arcBeatMatches": [ { "to": 95, "from": 87, "beatId": "9975a406-341e-4eef-bc47-c5708813dd78", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The deck concludes by presenting a solution (sell the stock) and estimating a 40-60% downside.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "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": 92, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The table highlights that Amcor's valuation is rich relative to its peers when considering the underlying financial challenges.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/92", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-92", "loopMatches": [], "arcBeatMatches": [ { "to": 95, "from": 87, "beatId": "9975a406-341e-4eef-bc47-c5708813dd78", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The deck concludes by presenting a solution (sell the stock) and estimating a 40-60% downside.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "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": 93, "slideType": "comparison_table", "function": "compare_peers", "notes": "Includes a stock price timeline for WestRock and a detailed comparison table of financial and operational metrics.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/93", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-93", "loopMatches": [], "arcBeatMatches": [ { "to": 95, "from": 87, "beatId": "9975a406-341e-4eef-bc47-c5708813dd78", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The deck concludes by presenting a solution (sell the stock) and estimating a 40-60% downside.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "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": 94, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a red callout box to link a specific data point in a table to a quote in a 10-K filing.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/94", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-94", "loopMatches": [], "arcBeatMatches": [ { "to": 95, "from": 87, "beatId": "9975a406-341e-4eef-bc47-c5708813dd78", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The deck concludes by presenting a solution (sell the stock) and estimating a 40-60% downside.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "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": 95, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "Includes a comparison to Westrock as a precedent for multiple contraction.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/95", "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-95", "loopMatches": [], "arcBeatMatches": [ { "to": 95, "from": 87, "beatId": "9975a406-341e-4eef-bc47-c5708813dd78", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The deck concludes by presenting a solution (sell the stock) and estimating a 40-60% downside.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true } ] }