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  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-03-10 00:00:00",
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  "notes": "The slide uses a side-by-side comparison of two financial tables to point out inconsistencies in how Amcor treats non-recurring items.",
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      "text": "Why is AMCR now trying to claim a cash flow benefit from divested operations, when it didn't the previous quarter? Furthermore, why should cash from a divested operations be viewed as \"continuing\" and part of AMCR's adjusted cash flow which tries to also remove transaction and integration costs",
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      "text": "Notice the footnote addition clarifying that $45m of $112m are \"cash integration costs\". Does this mean that the rest are transaction costs, or at worst, non-cash add-backs?",
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      "text": "We view Amcor's Adjusted Free Cash Flow as highly aggressive. Notably, they add back proceeds from asset sales to report \"Net Capex\".",
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      "text": "We view Amcor's Adjusted Free Cash Flow as highly aggressive. Notably, they add back proceeds from asset sales to report \"Net Capex\". In addition Amcor, as a frequently acquisitive Company that has done 25 deals in the past few years, also would like investors to ignore transaction and integration costs. We also observe that Amcor has become more aggressive with its recent Adjusted Free Cash Flow presentation, now adding back cash from divested operations (a non-recurring source).",
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      "text": "Source: Q1 20 results / H2 2020 results",
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      "text": "Reconciliation of adjusted free cash flow and cash flow after dividends for 2019 period.",
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