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  "documentTitle": "Saputo Inc. (TSX:SAP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-29 00:00:00",
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  "pageNumber": 29,
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  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a red flag icon to signal a critical finding regarding organic growth.",
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      "kind": "callout",
      "text": "Net Acquired Revenue Approximates Total Revenue Increase",
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      "text": "Organic Revenue CAGR: 0.0%",
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      "text": "Saputo doesn't provide investors a clear reconciliation to calculate its organic revenue growth. Spruce Point estimates that Saputo has exhibited limited organic revenue growth in the past 5 years. We estimate it has acquired $3.8 billion of revenues, net of divestitures, which is approximately equal to its total revenue growth. However, Saputo has reported $1.375 billion in cumulative revenue loss from a depreciation of the C$ against foreign currencies. After factoring this in, we estimate organic revenue growth of approximately 2.4%.",
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      "kind": "source-note",
      "text": "1) FX (losses) reported at ($145), ($211), ($181), ($231), ($183), ($424) million from 2017-2022",
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      "text": "Saputo's Estimated Organic Revenue Growth, Last 5 Years",
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      "kind": "title",
      "text": "Estimating Saputo's Lackluster Organic Revenue Growth",
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