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  "docSlug": "78ffe7ab28d4",
  "documentTitle": "Saputo Inc. (TSX:SAP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-29 00:00:00",
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  "slideType": "expose_contradiction",
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  "notes": "Uses excerpts from financial statements of Saputo Europe and Saputo Australia to expose lack of transparency and low R&D spend.",
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      "kind": "callout",
      "text": "At the consolidated level, Saputo does not disclose research and development (\"R&D\") expenditures.",
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      "text": "R&D expenditure: 0.21%",
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      "text": "One of Saputo’s growth pillars is accelerating product innovation by introducing new products and formats. At the consolidated level, Saputo does not disclose research and development (“R&D”) expenditures. However, foreign filings give some insight into the magnitude of the spend, which is approximately C$7.1 million between Europe and Australia on C$3.3 billon of sales (0.21% of sales).",
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      "text": "Source: Companies House U.K. Dairy Crest Ltd",
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      "kind": "source-note",
      "text": "Source: Australian Filings for A.C.N 166 119 133 Pty Ltd",
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      "text": "Saputo Europe Operating profit table",
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      "kind": "title",
      "text": "Innovation, But With What Resources?",
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