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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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  "notes": "Uses a 'Saputo Claim' vs 'Spruce Point Challenge' comparison structure.",
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      "kind": "callout",
      "text": "Saputo's second strategic pillar is to accelerate product innovation. We see a few reasons to be skeptical of its ability to execute on this objective.",
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      "text": "Graphic showing 'Accelerate product innovation' with sub-bullets: Dairy alternatives, New offerings, Packaging innovation",
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      "text": "Saputo Claim vs Spruce Point Challenge",
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      "text": "R&D spend as % of sales: 0.21%",
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      "kind": "paragraph",
      "text": "Dairy Alternatives: Saputo is making almond and oat milk. Neither product category is unique to Saputo, and we believe these two categories are especially competitive in developed markets. We will also show why we believe other plant-based products produced by Saputo such as Vitalite are also not achieving widespread commercial success. New Offering and Packaging Innovation: Spruce Point believes that Saputo vastly underspends on research and development (R&D). At the consolidated level, Saputo does not disclose R&D expenditures. However, foreign filings give some insight into the magnitude of the spend, which we estimate at 0.21% of sales whereas the industry average is approximately 1.0%",
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      "text": "Source: Saputo Corp Presentation - Aug 4, 2022",
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      "kind": "title",
      "text": "Our Concerns With Saputo's #2 Strategic Pillar",
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