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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": "The slide uses a quote from the company's annual report to contrast with the quantitative finding of low R&D investment.",
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      "text": "Based on a global peer benchmarking analysis in the dairy industry, we estimate Saputo spends the least amount of its revenue on R&D expenditures.",
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      "text": "Peer R&D Spending As A % of Revenues",
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      "text": "Based on a global peer benchmarking analysis in the dairy industry, we estimate Saputo spends the least amount of its revenue on R&D expenditures. This increases our skepticism that its Global Strategic Plan designed to stimulate innovation and organic growth will succeed.",
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      "text": "Also, as innovation forms part of Saputo's growth strategy, our research and development teams develop new technologies, products, and process optimization methods.",
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      "text": "Also, as innovation forms part of Saputo's growth strategy, our research and development teams develop new technologies, products, and process optimization methods. — Annual Report",
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      "text": "Source: Company filings and Spruce Point estimate for Saputo",
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