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  "documentTitle": "Saputo Inc. (TSX:SAP)",
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  "notes": "Uses a 'derived' methodology to back-calculate Argentina performance from International segment data.",
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      "kind": "callout",
      "text": "Saputo Says Nothing On Argentina Effect on EBITDA. [Text details fiscal 2021 and 2022 EBITDA performance factors]",
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      "text": "We cannot find any record of Saputo providing EBITDA figures for Argentina. However, we can now estimate Argentina's margins with the insights from Saputo's obscured Australian financial filings through a numbered entity.",
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      "text": "Implied Argentina EBIT margin: 8.8%",
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      "text": "Since entering Argentina through the acquisition of Molino Hermanos in 2003, Saputo has included results in its Canada, Europe and Argentina (CEA) section, and now reports results through the International segment together with Australia. We cannot find any record of Saputo providing EBITDA figures for Argentina. However, we can now estimate Argentina's margins with the insights from Saputo's obscured Australian financial filings through a numbered entity. The results imply 25.7% and 24.3% EBITDA and EBIT margins in FY 2021 and a sharp decline in FY 2022. In 2021, the CFO said, \"no major ups or downs\" were expected while the CEO claimed there was \"very little risk in Argentina\" and a new COO Marcelo Cohen was appointed in Argentina.(1)",
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      "text": "no major ups or downs — CFO, Q2 2022 Conf Call; very little risk in Argentina — CEO, Q1 2022 Conf Call",
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      "text": "Source: Saputo filings and Spruce Point analysis. 1) CEO: Q1 2022 Conf Call and CFO: Q2 2022 Conf Call",
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      "text": "Spruce Point Analysis of Saputo Argentina table showing FY 2021 and FY 2022 results for Sales, EBITDA, Margins, D&A, and EBIT.",
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      "text": "A Critical Look At Saputo's Argentina Business",
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