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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": "The slide uses a 'villain' framing by contrasting Bunge's unique reporting against a list of peers to suggest manipulation.",
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      "text": "Spruce Point finds that Bunge’s reporting of cash flow, capital expenditures, and adjustments to be aggressive and / or irregular for its industry.",
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      "text": "Spruce Point finds that Bunge's reporting of cash flow, capital expenditures, and adjustments to be aggressive and / or irregular for its industry. Our analysis raises concerns with these issues and adjusts for these distortions when we evaluate the Company.",
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      "kind": "source-note",
      "text": "Source: Bunge SEC filings and Spruce Point analysis of peer reports.",
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      "text": "Bunge's Financial Reporting vs. Industry Peers",
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      "text": "We Believe Bunge's Financial Reporting Is Aggressive And Irregular For Its Industry",
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