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  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-03-10 00:00:00",
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  "notes": "Uses a chronological table of quotes to show the shift in disclosure policy.",
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      "kind": "callout",
      "text": "It's Highly Unlikely Bemis' 2019 Target Was Achieved Based on Q1/Q3 Actual/Est Results. Q4 Implied would've Had To Bn Abnormally High",
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      "kind": "metric",
      "text": "revenue: $4.1bn",
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      "kind": "paragraph",
      "text": "Amcor closed the acquisition of Bemis on June 11, 2019. Best disclosure practices for material acquisitions generally require providing financial contribution of the target for the next 12 months. Yet, we find that by Amcor has omitted disclosure of Bemis after one full quarter. It becomes clearer that with the last reported quarterly Bemis revenue of $970m (add $25.7m for divested assets) that proxy projections for $4.1bn of sales in 2019 likely fell short. Yet, management is still claiming organic growth.",
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      "text": "The 2 legacy companies are functioning as one, and the excitement and the focus demonstrated by our employees has enabled the Flexibles business to simultaneously grow organically and to surpass the synergy targets we originally set for the first 6 months of the year. — CEO Delia Conf Call Feb 11, 2020",
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      "text": "Source: Amcor financial statements and proxy statement",
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      "text": "Bemis' Projections Offered March 2019 financial table",
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      "text": "Amcor 2019 Annual Report, Q1'20 10-Q, H2'20 10-Q, CEO Delia Conf Call quotes",
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      "kind": "title",
      "text": "Quickly Obscuring Bemis Contribution",
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