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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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  "notes": "The slide uses a peer benchmarking table to expose a contradiction in the CEO's public statement.",
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      "text": "Only 2 of 15 companies spend less than 4% and only none spend less than 3.5%.",
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      "text": "Capital Expenditures / Sales: 5.7%",
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      "text": "Amcor's CEO proclaimed on the deal announcement call that spending 3.5% of sales on capex is \"a healthy amount in any context\". Yet, when we sanity check his statement by benchmarking recent capex spending by industry peers, we find his statement hard to justify on any grounds. We analyzed industry capex spending over the past four years and find average spending to be in the range of 5.5%. Only 2 of 15 companies spend less than 4% and only none spend less than 3.5%.",
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      "text": "“a healthy amount in any context” — Amcor's CEO",
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      "text": "Source: Bloomberg and Company financials. Note: The peer set includes all competitors listed in Amcor's 10-K",
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      "text": "Peer benchmarking table showing Sales, Capex, and Capex/Sales ratios for 15 companies from 2016-2019.",
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      "text": "Easy To Refute Amcor's Capex Claims",
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