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  "docSlug": "c665ec3b53b5",
  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-03-10 00:00:00",
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  "pageNumber": 88,
  "pageCount": 95,
  "prevPage": 87,
  "nextPage": 89,
  "slideType": "expose_contradiction",
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  "density": "overcrowded",
  "nDataPoints": 33,
  "notes": "Uses a table to contrast analyst locations and price targets against management's stated goals.",
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  "slideHref": "/slides/019dd923-622c-750b-8b98-eaae8b08698d/88",
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      "kind": "callout",
      "text": "Amcor bulls see 19%, but most have failed to conduct a forensic analysis of management’s statements vs. reality.",
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      "kind": "metric",
      "text": "Implied Upside: +19%",
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      "kind": "paragraph",
      "text": "Analysts coverage is heavily slanted towards Australia, where Amcor's historical roots are. Yet, the Company is global with minimal assets or revenues in Australia. Management touted the benefits of its dual listing. Yet, we don't see U.S. analysts picking up coverage. Amcor bulls see 19%, but most have failed to conduct a forensic analysis of management's statements vs. reality.",
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      "kind": "quote",
      "text": "Third, the transaction structure will result in the stock being listed on two major global exchanges, the NYSE and the ASX. And through these listings, we expect there will be greater liquidity for investors as the market capitalisation of the combined company, which we estimate at US$17 billion, is expected to qualify for inclusion in the US S&P500 index, while the Australian listed shares will also continue to be included in the ASX 200 index.",
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      "kind": "quote",
      "text": "Third, the transaction structure will result in the stock being listed on two major global exchanges, the NYSE and the ASX. And through these listings, we expect there will be greater liquidity for investors as the market capitalisation of the combined company, which we estimate at US$17 billion, is expected to qualify for inclusion in the US S&P500 index, while the Australian listed shares will also continue to be included in the ASX 200 index. — CEO Dalia Deal Call Aug 2018",
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      "kind": "source-note",
      "text": "1) Upside based on US$9.00 / A$13.63 share price. Note: converted at A$ 0.66 Source: Bloomberg and broker reports",
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      "text": "Analyst, Analyst Location, Recommendation, A$ Price Target, US$ Price Target table",
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      "kind": "title",
      "text": "Slanted Analyst Base",
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      "evidence": "The deck concludes by presenting a solution (sell the stock) and estimating a 40-60% downside.",
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