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  "docSlug": "78ffe7ab28d4",
  "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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  "notes": "Uses a chronological sequence of quotes to demonstrate a failure to meet stated production targets.",
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      "text": "To get a sense of how far below plan Saputo is in Australia, we look to statements made around liters of milk to be acquired for production.",
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      "kind": "metric",
      "text": "milk production volume: 2.2 billion liters",
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      "text": "To get a sense of how far below plan Saputo is in Australia, we look to statements made around liters of milk to be acquired for production. In Q4 2019, management claimed that over a three year period, it would reach 3.0 – 3.1 billion liters. Fast forward to today, the Company is at 2.2 billion liters of milk, and that is below the revised plan of 2.7 – 2.8 billion",
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      "text": "So Michael, you're right in that milk production is falling, but the approach that we've taken is we have a strategy where we're going to tap into 3 sources for our milk moving forward... we still feel confident that we'll be able to achieve the numbers that we originally committed to, which is to get a 3 billion to 3.1 billion liter of milk over a 3-year period.",
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      "kind": "quote",
      "text": "If you recall, when we first acquired the Australian platform, we were targeting after the sale of Koroit around 3.1 billion liters of milk. That new normal is 2.7 billion liters of milk... So the new normal for us from the historic number of 3.1 billion liters is 2.7 billion liters.",
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      "text": "So if you recall, we had targets of about 2.7 billion - 2.8 billion liters of milk to be processed. We're probably somewhere around 2.2 billion liters of milk. So still quite good amount of volume. But what is important for us is to make every single liter of those 2.2 billion liters to count for us.",
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      "text": "\"So Michael, you're right in that milk production is falling, but the approach that we've taken is we have a strategy where we're going to tap into 3 sources for our milk moving forward... we still feel confident that we'll be able to achieve the numbers that we originally committed to, which is to get to a 3 billion to 3.1 billion liter of milk over a 3-year period.\" — Kai Beckmann, Q4 2019 Conf Call. \"If you recall, when we first acquired the Australian platform, we were targeting after the sale of Koroit around 3.1 billion liters of milk. That new normal is 2.7 billion liters of milk... So the new normal for us from the historic number of 3.1 billion liters is 2.7 billion liters.\" — CEO, Q3 2020 Conf Call. \"So if you recall, we had targets of about 2.7 billion - 2.8 billion liters of milk to be processed. We're probably somewhere around 2.2 billion liters of milk.\" — CEO, Q4 2022 Conf Call.",
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      "kind": "title",
      "text": "Aussie Milk Production -29% Below Plan",
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