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  "documentTitle": "Bunge Global SA (BG)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2026-03-25 00:00:00",
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      "text": "PP&E materially declined -10% from a quarter before closing while goodwill increased",
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      "text": "A downward revision in this account could indicate that Viterra was overstating its PP&E or that the assets were obsolete or less useful than previously assumed.",
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      "text": "We see a serious red flag because Bunge sharply revised Viterra’s property, plant and equipment (“PP&E”) valuation. The total revision from the pre-closing valuation is $596m (-10%) lower and a $337m (-6%) post-closing revision.",
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      "text": "Source: Preliminary and Pro Forma Financials, 10-Q and 10-K.",
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      "text": "Suspiciously Large Purchase Price Accounting Revisions To Viterra’s PP&E",
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