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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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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-03-10 00:00:00",
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  "notes": "The slide uses arrows to visually represent the direction of capex spending (increase vs. maintenance).",
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      "text": "While Amcor has been underspending on capex, all of its closest peers are increasing or maintaining capital spending.",
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      "text": "\"Capital expenditures were $190 million for the year ended December 31, 2019 compared to $169 million in the year ended December 31, 2018. The increase in capital expenditures is primarily driven by increased investment to drive growth and improve cost productivity. Free Cash Flow in 2020 is expected to be approximately $350 million, with capital expenditures of approximately $200 million.\" — Sealed Air",
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      "text": "Company, Direction, Commentary for Sealed Air, Winpak, Berry Plastics, Sonoco Products, Huhtamaki",
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