{
  "docId": "019dd923-622c-750b-8b99-dfc8f9e0fa3e",
  "docSlug": "c0127171790f",
  "documentTitle": "Bunge Global SA (BG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-03-25 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 20,
  "pageCount": 74,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "comparison_table",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 32,
  "notes": "The slide uses a 'before-after' style comparison to expose accounting adjustments that inflate cash flow metrics.",
  "elementsJson": [
    "data_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-dfc8f9e0fa3e/20",
  "deckHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e#slide-20",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "callout",
      "text": "Bunge may think it is a stable REIT by using FFO as a term and projecting ample “discretionary” cash flow. Based on our more conservative analysis, we see its discretionary cash flow as weak and not even covering its dividend.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "145d4fa6-5a76-4a5b-95bb-2de449b22440",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Discretionary Cash Flow: $70m",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-8702-8ab9d529947b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Bunge SEC filings (inc. Pro Forma financials) and Spruce Point analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c23fe7b1-5bfe-47bd-9a84-097a03ec276c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.9,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "table",
      "text": "Spruce Point vs. Bunge “Discretionary” Cash Flow table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "85e8c219-29f4-4bd0-8ca6-433d43e35890",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.3,
        "y": 0.05
      },
      "kind": "title",
      "text": "Spruce Point Cash Flow Reality vs. Bunge Promotion",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fa1e5a3c-8675-472c-8c58-9374da2bc96a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Contrast Pairs",
      "slug": "contrast-pairs",
      "agent": "Storyteller",
      "layer": "loop",
      "matchId": "019de85c-5e29-74ea-93d8-9df94636983e",
      "evidence": "Bunge FFO column vs Spruce Point CFO column",
      "confidence": 82
    },
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019de85c-5e02-75d9-b88a-ab67f6f1a9df",
      "evidence": "'Cash Flow Reality vs. Bunge Promotion'",
      "confidence": 84
    }
  ],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "7d9a419c-f596-4c68-a948-48e104fd7f4b",
      "evidence": "Contrasts company-reported metrics with analyst-adjusted reality.",
      "confidence": 0.85
    },
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "a8b280f6-ac45-4c53-991d-1338857e5038",
      "evidence": "Exposes accounting adjustments to inflate cash flow metrics.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 22,
      "from": 16,
      "beatId": "019de85c-51e6-76e7-9e65-d8bf48903b06",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": null,
      "evidence": "Roll-up framework, cash flow lens, FFO vs CFO",
      "position": 3,
      "confidence": 82,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 22,
      "from": 16,
      "beatId": "019de85c-52ab-759a-a93a-8e96b3ed6c6b",
      "arcName": "Tragedy",
      "arcSlug": "tragedy",
      "beatName": "Fatal Flaw",
      "beatSlug": null,
      "evidence": "Cash-incinerating roll-up, opaque accounting",
      "position": 2,
      "confidence": 62,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 22,
      "from": 17,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "019de85c-5420-773b-80f6-c1e7c8eea486",
      "evidence": "Capital flows table, FFO/CFO peer compare, mgmt turnover all point one way.",
      "position": 4,
      "objective": "Stack evidence Bunge is a cash-deficit roll-up",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 82,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}