{
  "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": 43,
  "pageCount": 74,
  "prevPage": 42,
  "nextPage": 44,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 30,
  "notes": "Uses a red box and arrow to visually emphasize the missing data point in the Viterra table compared to the Bunge table.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-dfc8f9e0fa3e/43",
  "deckHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e#slide-43",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "callout",
      "text": "Spruce Point believes it is a huge red flag that Bunge failed to provide revenue projections for Viterra in its proxy statement which it likely had formulated if it were able to provide Adj. EBIT, EBITDA and Unlevered Free Cash Flow estimates.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1eed24d3-a6be-4b7b-9b25-0ded1e439f87",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Revenue",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-8704-1538b89d396c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.175,
        "x": 0.325,
        "y": 0.75
      },
      "kind": "other",
      "text": "Revenue?",
      "attrs": null,
      "subkind": "unclassified",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "02d802ff-ebec-432b-9fde-145164543d01",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Proxy Statement",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "91efc8dd-7c17-4f1d-b0cb-850dbfac6cd5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.8,
        "x": 0.1,
        "y": 0.3
      },
      "kind": "table",
      "text": "Bunge Financial Projections table showing Revenue, Adjusted EBITDA, Adjusted EBIT, and Unlevered Free Cash Flow for 2023E-2027E.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5169a77a-a2c1-4f05-a21e-f350423e5bb3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.8,
        "x": 0.1,
        "y": 0.65
      },
      "kind": "table",
      "text": "Viterra Financial Projections table showing Adjusted EBITDA, Adjusted EBIT, and Unlevered Free Cash Flow for 2023E-2027E, with Revenue missing.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b3cc62ad-15e5-45cc-ba87-a05a8ba72549",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.305,
        "y": 0.03
      },
      "kind": "title",
      "text": "Why Did Bunge Fail To Provide Viterra's Revenue Projections?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5302efb1-008e-479e-93ea-9cd6a08f6dc0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019de85c-669d-7781-983d-4063a79367a5",
      "evidence": "'Why Did Bunge Fail To Provide Viterra's Revenue Projections?'",
      "confidence": 82
    },
    {
      "name": "Von Restorff Effect",
      "slug": "von-restorff-effect",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019de85c-6677-73bd-b45b-0b49131cf1d0",
      "evidence": "Red box and arrow point to missing revenue row",
      "confidence": 88
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "57c84368-96db-42e3-a0d6-591f3a18f01f",
      "evidence": "Highlighting missing financial data as a 'red flag' to imply potential manipulation or lack of transparency.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 66,
      "from": 23,
      "beatId": "019de85c-520e-75ff-a0c6-aabe3bf0f17d",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": null,
      "evidence": "Operational, LATAM, Viterra deal, financial strain proof",
      "position": 4,
      "confidence": 82,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 61,
      "from": 23,
      "beatId": "019de85c-52d3-718b-91c0-ba5c0749e561",
      "arcName": "Tragedy",
      "arcSlug": "tragedy",
      "beatName": "Downward Spiral",
      "beatSlug": null,
      "evidence": "Operational, LATAM, Viterra integration failures",
      "position": 3,
      "confidence": 62,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 50,
      "from": 39,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "019de85c-54b2-732a-838f-cb667a821800",
      "evidence": "Deal pitch promises vs -16.7% revenue collapse, -24% EBITDA shortfall, margin contraction.",
      "position": 7,
      "objective": "Contrast Viterra promised vs. delivered",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 86,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}