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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": "The slide uses a red box to highlight the pro forma calculation and the resulting organic revenue decline.",
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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": "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 from July 1, 2018 – Dec 31, 2018, so we divide $146m by 2 to get a quarterly estimate. US divestiture closed June 17, 2019 and EC divestiture closed Aug 8, 2019 so no adjustment was required for the quarter ended Dec 31, 2019",
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      "text": "Note: Excludes currency as it is impossible to detail the currency effect for Amcor in Q4 2018, although currencies would likely make it worse. Q4 2018 Bemis currency impact was -4.6%, H2 2018 Amcor was -3.2%, and Q4 2019 Amcor was -1.2%",
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      "text": "Source: Bemis financials and Amcor financials, Spruce Point Analysis",
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      "text": "Revenue comparison table showing Bemis/Amcor pre-deal vs Q4 2019 actuals",
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      "text": "Revenues Synergies or Disynergies: Proof That Revenues Declined 5.4% In Q4 2019",
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