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  "docSlug": "c0127171790f",
  "documentTitle": "Bunge Global SA (BG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-03-25 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 51,
  "pageCount": 74,
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  "nextPage": 52,
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  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide uses a 'Spruce Point Adjusted' metric to contrast with 'Bunge Reported' figures, highlighting a discrepancy in working capital efficiency.",
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      "text": "We overlay Viterra’s standalone metrics (pre-acquisition) which indicate that its working capital position was worse than Bunge’s and may have deteriorated even further post acquisition.",
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      "kind": "chart",
      "text": "Working Capital / LTM Revenue",
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      "kind": "chart",
      "text": "Inventory / LTM Revenue",
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      "text": "Working Capital / LTM Revenue: 17.8%",
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      "kind": "paragraph",
      "text": "Bunge projects an image of improving working capital to revenue from 2023-2025 from 14.5% to 13.2% by its definition of working capital as Total Current Assets – Total Current Liabilities. We adjust Bunge's definition to remove cash, marketable investments and financial debts to focus on core payables, receivables and operating accounts. Viewed with this framework, we find that Bunge's working capital to revenue ratio has worsened to 17.8%. Movements in inventories present a particular strain as illustrated in the bottom right chart. Inventory to LTM revenue has increased from 11.9% to 18.8% from 2023-2025. We overlay Viterra's standalone metrics (pre-acquisition) which indicate that its working capital position was worse than Bunge's and may have deteriorated even further post acquisition.",
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      "kind": "source-note",
      "text": "Source: Bunge SEC filings and Viterra Financials adjusted to standardize comparability; Spruce Point analysis.",
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      "kind": "title",
      "text": "Evidence Shows That Viterra Brought Financial Strain To Bunge",
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