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  "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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  "notes": "The table includes a 'Spruce Point Adjusted' row for Saputo, highlighting the firm's bearish view on the company's valuation relative to peers.",
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      "text": "We do not believe that Saputo deserves a multiple commensurate with the larger branded players in the industry such as Danone or Kraft Heinz given its weaker margin profile, declining transparency, high leverage and fragile dividend.",
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      "text": "EV / EBITDA: 12.6x",
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      "text": "We do not believe that Saputo deserves a multiple commensurate with the larger branded players in the industry such as Danone or Kraft Heinz given its weaker margin profile, declining transparency, high leverage and fragile dividend.",
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      "text": "Source: Bloomberg estimates and Spruce Point Research",
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      "text": "Saputo's Comparable Company Analysis table with columns for Stock Price, Ent. Value, Margins, Growth, and various valuation multiples (EV/Sales, EV/EBITDA, P/E, EV/CFO, Net Debt/EBITDA, Dividend Yield).",
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