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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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      "text": "Investors should have limited confidence in Amcor's financial reporting given unresolved material weaknesses that have lingered for 18 months. We find evidence of revenue, capex and even interest income revisions. Amcor is understating its true leverage, and its dividend is not safe even assuming base case market projections come true.",
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      "text": "Unresolved Material Weaknesses And A Chief Accounting Officer That Appears To Have Misrepresented Himself: Amcor disclosed two material weakness of accounting, disclosure and financial control matters that haven't been resolved in 18 months...",
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      "text": "Leverage Is Greater Than It Appears: Amcor does not include leases in its presentation of Net Debt to investors. Leases currently amount to $580m, and are now recorded on the Company's balance sheet...",
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      "text": "Why Free Cash Flow Won't Improve And The Dividend Is At Risk: In its recent quarter, Amcor became more aggressive with add-backs in its free cash flow presentation, a classic sign of strain...",
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      "text": "downside: 40% - 60%",
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