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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 red box to highlight the specific row showing the deterioration trend.",
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      "text": "By our estimate, working capital to sales has worsened materially.",
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      "text": "Working Capital % of LTM Sales: 4.7%",
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      "kind": "paragraph",
      "text": "Spruce Point has always advocated to evaluate corporate working capital excluding cash and equivalents. This is particularly important in the case of Amcor given our belief its cash is overstated by inclusion of overdrafts at a minimum.",
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      "kind": "quote",
      "text": "One of the consistent highlights for the business has been our working capital performance. And on a like-for-like basis, the working capital to sales ratio has improved by 30 basis points in the half to 10.4%.",
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      "text": "One of the consistent highlights for the business has been our working capital performance. And on a like-for-like basis, the working capital to sales ratio has improved by 30 basis points in the half to 10.4%. We will maintain our focus in this area to reduce this ratio further over time. — CFO Casamento, Feb 11, 2020 Conf Call",
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      "text": "1) Amcor FY 2018 Annual Report p.10 2) We take the mathematical addition of Amcor/Bemis revenues and working capital balance sheet accounts 3) Amcor reported $215.4m of Bemis revenues...",
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      "kind": "title",
      "text": "Working Capital Deterioration: Part II",
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