{
  "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": 17,
  "pageCount": 95,
  "prevPage": 16,
  "nextPage": 18,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 14,
  "notes": "The table highlights a shift from a $37.6m surplus to a $72.0m deficit in the dividend cushion.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/17",
  "deckHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-17",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point believes that Amcor's free cash flow, and commitment to repurchasing shares, leave it little room to protect its dividend under current market expectations.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a97f-5cd4063fac5f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Dividend Cushion (Deficit): ($72.0)",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a97f-60844847e66f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Spruce Point believes that Amcor's free cash flow, and commitment to repurchasing shares, leave it little room to protect its dividend under current market expectations...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aea2848b-46a7-4b33-a135-a6a78371df00",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.65,
        "x": 0.03,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "(1) Expectations based on review of 7 broker estimates by Spruce Point. Estimates have been calendarized for Dec 31st year end period.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7e46a7a1-25e5-400f-b14c-8015bf55dada",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.68,
        "x": 0.16,
        "y": 0.35
      },
      "kind": "table",
      "text": "Comparison of Market Implied Expectations vs Spruce Point Downside Case for Cash Flow and Dividend Cushion",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f6385c27-70be-4a44-80eb-7e5cbe2b5c4f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.26,
        "x": 0.31,
        "y": 0.04
      },
      "kind": "title",
      "text": "Dividend At Risk",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f6c0fc25-18e5-4309-9667-24c7f18e4b3d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "fbde6ec3-e74a-40af-abd6-05767edf2586",
      "evidence": "Direct comparison between market expectations and downside case",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "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"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 15,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "ec080536-b842-4658-a564-3b01c819f510",
      "evidence": "The deck presents tangible new evidence of Amcor's cash liquidity challenges.",
      "position": 0,
      "objective": "To reveal Amcor's cash liquidity challenges",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.7,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}