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  "documentTitle": "Saputo Inc. (TSX:SAP)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses a two-column layout to contrast the 'before' (capital efficiency) and 'after' (Adjusted EPS) states of compensation policy.",
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      "text": "Spruce Point believes management's long-term performance should be measured by EBITDA return on capital investment, or some measure of capital efficiency linked to the increased capital spending.",
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      "text": "Saputo Recently Stopped Linking Long-Term Compensation To Capital Efficiency Metrics vs Now Long-Term Compensation Tied To Adjusted EPS",
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      "text": "Spruce Point is concerned that Saputo is linking long-term incentive compensation to the wrong metric. Spruce Point believes management's long-term performance should be measured by EBITDA return on capital investment.",
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      "kind": "quote",
      "text": "Key pillars to accelerate organic growth with high single-digit Adjusted EBITDA CAGR target to reach $2.125 billion by the end of fiscal 2025 — Saputo Presents Its New Strategic Plan",
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      "text": "Source: 2021 Saputo Management Info Circular; Source: 2022 Saputo Management Info Circular – June 9, 2022",
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