{
  "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": 104,
  "pageCount": 147,
  "prevPage": 103,
  "nextPage": 105,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a red-highlighted table row to emphasize the 'shrinkage' of the product portfolio.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-53ebe45211d2/104",
  "deckHref": "/decks/019dd923-622c-750b-8b99-53ebe45211d2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-53ebe45211d2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-53ebe45211d2#slide-104",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Saputo completed the acquisition of Murray Goulburn in Australia and also described Lidell as a “flagship” brand. Fast forward to today, we see it has discontinued vanilla custard, sour cream and its thickened cream product offering.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1f-75c8-856d-6bf8b6841f6a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.45,
        "x": 0.53,
        "y": 0.325
      },
      "kind": "image",
      "text": "Vanishing Liddell Product Categories",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e99f723-0798-4353-8e72-87f6a7d0a4ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Saputo completed the acquisition of Murray Goulburn in Australia and also described Lidell as a “flagship” brand.(1) Fast forward to today, we see it has discontinued vanilla custard, sour cream and its thickened cream product offering.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c65495a7-6b2d-460a-9e46-b765931da80e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.96,
        "x": 0.02,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "1) Saputo completes acquisition of Murray Goulburn, press release. Source: Liddell Website and (2) Way back Machine (2017)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a35d61f-892f-4f7d-ae10-5cea1614c66d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.47,
        "x": 0.02,
        "y": 0.325
      },
      "kind": "table",
      "text": "Product Category, Before Saputo Acquisition, Today's Portfolio",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d6ec442e-d8c5-4a8c-8734-21817ed662ff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.38,
        "x": 0.308,
        "y": 0.05
      },
      "kind": "title",
      "text": "Example of Product Shrinkage: Liddells",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e47d06c9-4fb3-42c9-9a42-e53ab93b0f33",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}