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  "documentTitle": "Saputo Inc. (TSX:SAP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-11-29 00:00:00",
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  "notes": "The slide uses a red flag icon to highlight the adjusted leverage calculation.",
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      "text": "By factoring in the U.K. pension debt, we estimate Saputo's true Net Debt / EBITDA leverage to be 3.5x. Looked at another way, with over $4.5 billion in net debt, each manufacturing facility is indebted $68m and every employee by almost $240k.",
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      "text": "Net Debt / Adjusted EBITDA: 3.50x",
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      "text": "Source: Saputo Financial Statements and Spruce Point Analysis",
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      "text": "Saputo Pro Forma Debt Analysis table showing 2022 and Q2 2023 figures for debt components, adjustments, and credit stats.",
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      "text": "Adjusted Leverage Closer To 3.5x",
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