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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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  "density": "dense",
  "nDataPoints": 48,
  "notes": "The slide uses a red flag icon and a red box to emphasize the risk of dividend coverage.",
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      "kind": "callout",
      "text": "Operating cash flow necessary to breakeven to cover dividend",
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      "text": "Spruce Point cautions investors that Saputo recently has not generated enough excess cash flow to cover its dividend.",
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      "text": "Dividend Coverage: $214",
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      "text": "Spruce Point cautions investors that Saputo recently has not generated enough excess cash flow to cover its dividend. As its capex increases to meet the requirements of its Global Strategic Plan, its dividend could become even further compromised.",
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      "text": "Source: Based on Saputo filings and Spruce Point Analysis",
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      "text": "Saputo's Declining Dividend Coverage table showing cash flow, capex, and dividend coverage from FY2020 to FY2025.",
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      "text": "Dividend At Risk",
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