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  "documentTitle": "Saputo Inc. (TSX:SAP)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-11-29 00:00:00",
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      "kind": "callout",
      "text": "Saputo's EBIT margin in Argentina in 2021 was a significant outlier to local and regional Latin American peers. Saputo management should clarify how it is able to achieve world class margins and why did it recently change Argentina leadership.",
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      "text": "Saputo's EBIT margin in Argentina in 2021 was a significant outlier to local and regional Latin American peers.",
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      "text": "2021 Saputo Argentina EBIT Margin vs. Peers",
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      "text": "EBIT margin: 24.3%",
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      "kind": "source-note",
      "text": "Source: Company filings and Bloomberg. Note: LaLa (Dec 2021), La Serenisima (Dec 2020), Fonterra (July 2021), Gloria (Dec 2021). Adecoagro Dairy (Dec 2021), Sigma (Dec 2021) and Saputo (March 2021). Sigma LATAM D&A estimated at 6% of total D&A. 20% of the company is dairy.",
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      "kind": "title",
      "text": "Saputo's Argentina EBIT Margins Appear To Be A Significant Outlier Relative To Peers",
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