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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 Free Cash Flow projections offered in the deal proxy, $1.66 billion was expected for 2019. However, based on our analysis, we estimate actual Free Cash Flow of $489 million.",
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      "text": "Free Cash Flow: $489 million",
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      "text": "Based on Free Cash Flow projections offered in the deal proxy, $1.66 billion was expected for 2019. However, based on our analysis, we estimate actual Free Cash Flow of $489 million. The magnitude of the miss is shocking, and can't be explained simply by the $300m of “material acquisition costs”.",
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      "text": "Source: Amcor and Bemis SEC Filings, Spruce Point Analysis",
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      "text": "Proxy Statement table showing 2019E FCF of 1,662",
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      "text": "Free Cash Flow Significantly Below Deal Projections",
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