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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": "Includes a comparison to Westrock as a precedent for multiple contraction.",
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      "text": "Our rigorous forensic analysis suggests it may be outright impossible for Amcor to meet lofty analyst expectations, with revenues already vanishing, deal costs higher than planned, and critical maintenance and growth capital expenditures being delayed.",
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      "text": "Price Target: $3.60-$5.40",
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      "text": "Our rigorous forensic analysis suggests it may be outright impossible for Amcor to meet lofty analyst expectations, with revenues already vanishing, deal costs higher than planned, and critical maintenance and growth capital expenditures being delayed. Amcor’s valuation is in-line with industry peers, but should trade at a discount to reflect our documented concerns about the accuracy of its financial statements, fragile financial condition and unsustainable dividend policy. Investors should look at Westrock as a case study for what Amcor’s multiple can contract to once its strain becomes evident.",
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      "text": "Note: Downside Based on $9/share",
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      "text": "Valuation table showing Sales Multiple and FCF Multiple scenarios",
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      "kind": "title",
      "text": "Spruce Point Estimates 40% – 60% Downside",
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