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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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      "kind": "callout",
      "text": "Spruce Point evaluates companies working capital stress in relation to its revenues. In the case of Saputo, we find that it has been steadily increasing in each of the past five years.",
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      "text": "Working Capital as % of Sales: 14.2%",
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      "text": "Source: Saputo Financial Statements and Spruce Point Analysis",
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      "text": "Saputo Working Capital Analysis table showing Current Assets, Liabilities, and % of Sales from 2017-2022.",
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      "text": "Saputo's Working Capital Strain Increasing",
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      "name": "Cost Of Inaction",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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