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  "documentTitle": "Saputo Inc. (TSX:SAP)",
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      "text": "If You Don't Believe Us, Listen To Morningstar",
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      "text": "Fair Value of Pension Debt Obligations Understated by $724 million",
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      "text": "Given The Scope of the Strategic Plan, We View It Unlikely To Succeed",
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      "text": "Spruce Point believes that Saputo's acquisition of Dairy Crest (U.K.) brought to it a $724m \"hidden\" pension obligation that the market doesn't properly factor into the valuation.",
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      "text": "share price downside: 40% - 60%",
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      "text": "\"In our view, Saputo has not carved out an economic moat due to consolidation among dairy producers, which have amassed greater control over the price of raw milk. Further, we believe the lack of differentiation between its products and those of branded competitors and private label doesn't suggest the existence of a brand intangible asset.\" — Morningstar",
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