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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 table to adjust reported revenues for divestitures to reveal underlying organic performance.",
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      "text": "Based on our analysis, which adjusts from the sale of U.S. (Amcor) and European “EC” (Bemis) assets, we estimate that Bemis and legacy Amcor were declining 3.0% and 4.0%, respectively, through Sept 2019.",
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      "text": "Organic Revenue: -4.0%",
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      "kind": "paragraph",
      "text": "Amcor’s management dangled a carrot to investors of potential revenue synergies, without quantifying them. Based on our analysis, which adjusts from the sale of U.S. (Amcor) and European “EC” (Bemis) assets, we estimate that Bemis and legacy Amcor were declining 3.0% and 4.0%, respectively, through Sept 2019. The market believes Amcor is a stable grower, capable of doing low single digit growth.",
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      "kind": "quote",
      "text": "“We’re going to have higher margins with the delivery of these cost synergies, and we haven’t quantified the benefits of any revenue synergies but we would clearly expect to be able to grow at higher rates over the longer term than we would independently”.... “And we see some very specific opportunities” — Amcor CEO, Aug 7, 2018",
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      "text": "Source: Bemis financials and Amcor financials, Spruce Point Analysis",
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      "text": "Comparison of CEO/Analyst quotes vs. actual organic revenue data",
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      "kind": "title",
      "text": "Revenues Synergies or Disynergies: Proof That Revenues Declined 3.0% - 4.0% Through September 2019",
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