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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": "Uses a red arrow to visually link the 'Acquisitions and/or buy-backs' box in the model to the text highlighting the $500m buyback.",
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      "kind": "callout",
      "text": "Instead, Amcor announced a $500m share repurchase program, and executed it at above-market price of $10.16 per share.",
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      "text": "Highlights of 2019 results including GAAP net income, EBIT, cash flow, and the $500 million share buyback.",
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      "text": "share repurchase: $500m",
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      "kind": "paragraph",
      "text": "Amcor initially targeted potential buybacks of $200-$300m, increased the range to $300-$400m, then announced a $500m buyback. With the benefit of added proceeds from divestitures, Amcor could have boosted capital spending, R&D, or prioritized debt reduction to solidify its investment grade rating. Instead, Amcor announced a $500m share repurchase program, and executed it at above-market price of $10.16 per share.",
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      "kind": "quote",
      "text": "Proceeds from required divestments to drive shareholder value through a $500 million share buy-back and $50 million in strategic investments to advance Amcor’s sustainability agenda. — Amcor Press Release",
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      "kind": "source-note",
      "text": "1) Per the recent 10-Q: \"During the six months ended December 31, 2019, the Company repurchased approximately $222.6 million, including transaction costs, or 21.9 million shares\"",
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      "kind": "title",
      "text": "Biggest Buyer Is Amcor Itself",
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