{
  "docId": "019dd923-622c-750b-8b98-eaae8b08698d",
  "docSlug": "c665ec3b53b5",
  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-03-10 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 57,
  "pageCount": 95,
  "prevPage": 56,
  "nextPage": 58,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 5,
  "notes": "Uses a table to reconcile reported costs against company claims.",
  "elementsJson": [
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  "metadataConfidence": 1,
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  "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/57",
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  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-eaae8b08698d#slide-57",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "With costs 60% higher than forecasted, this appears to be more than just a casual oversight.",
      "attrs": null,
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      "toolName": "Visual emphasis",
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    {
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      "kind": "metric",
      "text": "transaction costs: $200.7m",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
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      "componentId": "019dd953-2b65-734e-a983-83605754311b",
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      "kind": "paragraph",
      "text": "Recall from an earlier slide, the expectation of “approximately US$125 million of transaction costs” related to the Bemis deal were stated by Amcor. However, per our estimate, more than $200 million of costs have been incurred. With costs 60% higher than forecasted, this appears to be more than just a casual oversight. Even with two unplanned divestitures netting ~$610m (and assuming a very high estimate of $12m for transaction costs or 2% of deal value) there are still significant unplanned and unaccounted for costs.",
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      "kind": "source-note",
      "text": "Source: Amcor financial filings, Spruce Point Analysis",
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      "bbox": {
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      "kind": "table",
      "text": "Bemis Transaction Costs table showing FY 2019 ($133.7m), H1 2020 ($67.0m), and Total ($200.7m).",
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      "kind": "title",
      "text": "Deal Costs Reality: Exploding",
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  "frameworks": [
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      "name": "fraud-exposure",
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      "matchId": "528b1275-66c0-4afa-b34e-e99dc4a78142",
      "evidence": "Contrasting company-stated forecasts with actual incurred costs to imply mismanagement or deception.",
      "confidence": 0.9
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  "loops": [
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      "name": "Quick Win Big Bet",
      "slug": "47-quick-win-big-bet",
      "bestFor": "Transformation planning, 100-day plans, resource allocation",
      "matchId": "53c07a7b-0b0c-4f14-baa7-c199804d850d",
      "evidence": "The deck presents benchmarking analysis to argue that Amcor's synergies are suspect.",
      "position": 2,
      "objective": "To argue that investing in Amcor is not a great thesis",
      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
      "confidence": 0.6,
      "description": "Separate initiatives into immediate wins and longer-term strategic bets"
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