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  "documentTitle": "Bunge Global SA (BG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-03-25 00:00:00",
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  "notes": "Uses a red arrow to visually link the 2022A projection to the 2026 guidance, highlighting the discrepancy.",
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      "text": "While Bunge may consider this a strong track record, we characterize it as a disappointing track record. Perhaps, the “mid-cycle” that Bunge refers to has just changed and become structurally lower.",
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      "text": "Bunge / Viterra Deal Presentation June 2023",
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      "text": "Sources and Uses of Cash History (2021-2025)",
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      "text": "Adjusted FFO: $3.5bn",
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      "kind": "paragraph",
      "text": "Spruce Point takes issue with Bunge's recent claims during its March 2026 Investor Day that it has a “Track Record of Generating Strong Free Cash Flow Through the Cycle”. When it announced the acquisition of Viterra in mid-2023, it promoted a combined Adj. FFO of $3.9bn that had been growing 18% p.a. Almost three years later, Bunge is now guiding to a “mid-cycle run-rate baseline” through 2030 of $3.5bn of Adj. FFO, or $0.4bn lower. While Bunge may consider this a strong track record, we characterize it as a disappointing track record. Perhaps, the “mid-cycle” that Bunge refers to has just changed and become structurally lower.",
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      "text": "Track Record of Generating Strong Free Cash Flow Through the Cycle — Bunge Investor Day March 2026",
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      "kind": "source-note",
      "text": "Source: Bunge / Viterra Deal Presentation and 2026 Investor Day Presentation. Red emphasis Spruce Point.",
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      "kind": "title",
      "text": "Cash Flow: Strong Track Record, Or Severely Disappointing?",
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