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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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      "text": "Based on a forensic review of Amcor and Bemis' statements on capex, we believe it is materially underspending either to boost near-term cash flow, or in support of our view, that its business is in rapid organic decline.",
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      "text": "Based on a forensic review of Amcor and Bemis' statements on capex, we believe it is materially underspending either to boost near-term cash flow, or in support of our view, that its business is in rapid organic decline.",
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      "text": "“Okay. Where are you at - and where would Bemis be at in terms of its CAPEX cycle? ... And that would cause a drain on sales.” — David Errington, Analyst, Aug 2018; “David, we have been spending at just a tad above D&A. And this year in 2018, we've brought it down significantly below D&A.” — Bemis CEO, Aug 2018; “David, I just want to come back to the point about capital because I just wanted to mention the comment that I made... the math would suggest $350 million to $400 million of CAPEX.” — Amcor CEO Delia, Aug 2018; “Hi, guys. So, firstly, I wanted to ask a little bit about the CapEx, it seems it was a little bit lighter than expected this year...” — Analyst, Bemis Q4'18 Call; “Yeah. Salvator, we were right on target with where we've expected to be with our CapEx plans in 2018... we're talking somewhere between the $150 million to $180 million level of CapEx as you go forward.” — Bemis CEO, Jan 2019; “And we invest at about depreciation level in terms of CapEx or, call it, 4% of sales.” — CEO Delia, Dec 2019; “I think previously, you talked about D&A being similar to CapEx in the kind of $450 million range. It looks like after stripping out the amortization from deals, it was only $96 million in 2Q and kind of ran just a little bit north of $200 million in the first half.” — Analyst, Feb 2020; “Look, yes, typically, we would spend CapEx kind of in line with depreciation, so around that $450 million mark. We're a little behind that in the first half, just slightly behind.” — CEO Delia, Feb 2020.",
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