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  "documentTitle": "Bunge Global SA (BG)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-03-25 00:00:00",
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  "notes": "Uses a before-after framing to contrast past promises with current performance.",
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      "kind": "callout",
      "text": "Expect FY 2026 adjusted EPS in the range of $7.50 to $8.00",
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      "text": "We've seen this story before where Bunge projects strong upside scenarios in mid-cycle, only to severely disappoint.",
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      "text": "Growth Framework to Increase EPS Baseline to ~$11 by end of 2026",
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      "text": "EPS: $7.50",
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      "text": "We've seen this story before where Bunge projects strong upside scenarios in mid-cycle, only to severely disappoint. Just a few years earlier in 2022, Bunge provided a mid-cycle update and outlined its growth framework for base EPS to be ~$11 per share by 2026. Now in 2026 and having spent $10.6bn to acquire Viterra and assume $34bn of revenue (discussed in the next section), Bunge just guided to $7.50 – $8.00 per share or ~30% below target. Bunge also acquired a business from IFF with $240m of revenue, yet still guided EPS poorly. Even more concerning, we find that Bunge would not put in writing the factors expected to impact its business segments this year.",
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      "kind": "source-note",
      "text": "Source: Bunge FY 2025 Presentation (Feb 2026), FY 2024 Presentation (Feb 2025), and Mid-cycle Baseline Update (July 2022), IFF sells business to Bunge.",
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      "kind": "title",
      "text": "A Healthy Dose of Skepticism Is Required To Believe Bunge Will Meet Its New Long-Term Goals",
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