{
  "docId": "019dd923-622c-750b-8b99-53ebe45211d2",
  "docSlug": "78ffe7ab28d4",
  "documentTitle": "Saputo Inc. (TSX:SAP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-29 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 10,
  "pageCount": 147,
  "prevPage": 9,
  "nextPage": 11,
  "slideType": "thesis_headline",
  "function": "diagnose_problem",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "The slide uses a two-part structure to categorize the short thesis into transparency issues and financial stress indicators.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-53ebe45211d2/10",
  "deckHref": "/decks/019dd923-622c-750b-8b99-53ebe45211d2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-53ebe45211d2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-53ebe45211d2#slide-10",
  "components": [
    {
      "bbox": {
        "h": 0.35,
        "w": 0.13,
        "x": 0.01,
        "y": 0.175
      },
      "kind": "callout",
      "text": "Despite Saying Otherwise, Evidence Shows Saputo Is Becoming Less Financially Transparent, A Move Consistent With Companies Generally Under Greater Financial Stress",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "79fe604e-6866-41b1-a1b0-2534e70ffdee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.13,
        "x": 0.01,
        "y": 0.65
      },
      "kind": "callout",
      "text": "Some Obvious, And Not So Obvious, Signs of Growing Financial Strains",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9570faee-1eac-416a-ab4c-968196d0a2ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point is incredulous when it comes to Saputo’s 2022 Promise and claims that “Business Ethics and Transparency” carry the lowest weight towards ESG matters.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1e-7015-9032-11c470d8d166",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.85,
        "x": 0.14,
        "y": 0.65
      },
      "kind": "paragraph",
      "text": "Spruce Point believes Saputo has an untenable cost structure in a thin margin, low to no growth industry. It has among the highest employee wage cost structures...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6da1d0cd-70d1-4a5e-93ae-01915370d938",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.85,
        "x": 0.14,
        "y": 0.175
      },
      "kind": "paragraph",
      "text": "Spruce Point is incredulous when it comes to Saputo’s 2022 Promise and claims that “Business Ethics and Transparency” carry the lowest weight towards ESG matters...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9fb564ff-1579-4aca-90d0-5180b16477ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.02
      },
      "kind": "title",
      "text": "Spruce Point Sees 40% - 60% Downside In Saputo’s (TSX: SAP) Share Price",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "39da82fc-4c2a-42e6-827c-d8339b25251e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "e7124126-f6f3-47f1-9000-0af44258b30c",
      "evidence": "The slide explicitly frames the company's lack of transparency and financial metrics as evidence of a short thesis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 20,
      "from": 10,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "93e070f4-3cdf-4432-8956-3f6c6b8e9f3d",
      "evidence": "The document presents a detailed analysis of Saputo's financial performance, highlighting specific examples of declining performance and flawed management decisions.",
      "position": 0,
      "objective": "To identify patterns in Saputo's financial performance and management decisions that indicate a flawed growth strategy.",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 0.7,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}