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  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
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  "authorName": "Ben Axler",
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  "notes": "Uses a red box to highlight the pro forma calculation and the resulting negative YoY change.",
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      "text": "Amcor's organic revenue decline appeared to accelerate in the period from Sept 30, 2019 to Dec 31, 2019.",
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      "text": "Organic Revenue: -5.4%",
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      "text": "(1) Supplemental disclosure (p.13) shows $146m of sales from divested EC and US assets...",
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      "text": "Note: Excludes currency as it is impossible to detail the currency effect for Amcor in Q4 2018...",
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      "text": "Source: Bemis financials and Amcor financials, Spruce Point Analysis",
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      "text": "Revenues Synergies or Disynergies: Proof That Revenues Declined 5.4% In Q4 2019",
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