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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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  "presentationDate": "2020-03-10 00:00:00",
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  "pageNumber": 42,
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  "notes": "The slide uses a table to highlight the increase in DSO post-merger, contrasting it with pre-deal standalone figures.",
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      "text": "We find it concerning that on a pro-forma basis, Amcor’s DSOs are rising moderately higher than expected on a pre-deal standalone basis.",
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      "text": "Days Sales Outstanding: 50.2",
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      "text": "We also have carefully evaluated Amcor's Days Sales Outstanding (DSOs) pre and post-deal closing. We find it concerning that on a pro-forma basis, Amcor's DSOs are rising moderately higher than expected on a pre-deal standalone basis.(1)",
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      "text": "1) Based on a 70% / 30% Amcor / Bemis contribution ratio, DSOs should be approximately 49 days\n2) The deal closed in the June 2019 quarter. We normalize Bemis' $215.9m sales contribution to $1.0bn, consistent with the trend of no quarterly growth\n3) Calculated as LTM Normalized Sales / LTM Normalized Average Accounts Receivable",
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      "text": "Source: Amcor Financials and Spruce Point Analysis",
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      "kind": "title",
      "text": "Working Capital Deterioration: Part III",
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