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  "documentTitle": "Saputo Inc. (TSX:SAP)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-11-29 00:00:00",
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      "text": "Spruce Point isn't the only one curious about Saputo's market share. In fact, on its recent earnings call, the first question it received was specific to its market share. Spruce Point is dissatisfied with the Company's response, and notes that Saputo fails to provide hard numbers or sources to substantiate its claims.",
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      "text": "Spruce Point is dissatisfied with the Company's response, and notes that Saputo fails to provide hard numbers or sources to substantiate its claims.",
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      "text": "\"I guess the Canadian volume trends were somewhat as expected with retail down and foodservice up. But can you just talk about your market share today versus, I guess, probably a year ago and also pre-pandemic, just to give us some sense of the progress and evolution there? ... And how about in foodservice, Carl?\" — Analyst Petrie, CIBC. \"From a fluid milk perspective, the share is basically has not moved. So we haven't lost ground. We haven't gained ground on that side of the business... From a cheese perspective, we have made some gains... From a foodservice perspective, once again, I'll say that meeting -- coming out of the -- I'll call the pandemic, our team did an exceptional job of supplying the market and along the way we have gained share in this space as well, and we continue to perform quite well.\" — Carl Colizza, COO North America",
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      "text": "Source: Q1 2023 Conference Call",
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      "text": "Analyst Petrie (CIBC) asks about market share evolution. Carl Colizza (COO) responds with vague qualitative statements like 'share is basically has not moved' and 'we have made some gains' without providing specific data.",
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      "text": "We Believe Saputo Is Not Giving Clear Guidance Around Its Market Share In Canada",
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