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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": 47,
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  "notes": "The slide highlights that Saputo stopped disclosing certain metrics (Market share, Excess Capacity) while maintaining margin improvements.",
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      "text": "What Spruce Point finds amazing is that Saputo has been able to improve margins after the 2018 step down, without sacrificing any labor or rationalizing excess capacity (which it has now ceased disclosing).",
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      "text": "Adj. EBITDA margin: 11.1%",
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      "text": "Saputo has been open calling out \"competitive challenges\" in its Canadian segment that impact volumes, mostly around fluid milk. In addition, it has referenced \"high warehousing, logistical and transportation costs\". In fact its distribution routes and centers have declined. What Spruce Point finds amazing is that Saputo has been able to improve margins after the 2018 step down, without sacrificing any labor or rationalizing excess capacity (which it has now ceased disclosing).",
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      "text": "Source: Saputo Financial Statements, AIF and Spruce Point Analysis. Note: Mid 2021 new Port Coquitlam, BC came online. Trenton, Ontario, and Saint John, New Brunswick, facilities in Canada closed in Sept 2020 and Jan 2021",
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      "text": "Canada Challenges",
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