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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": "The slide uses a scenario table to demonstrate how accounting changes (PP&E revision) could have artificially boosted EPS.",
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      "text": "Barclays Research: Feb 4, 2026 \"BG beat on adj. EPS vs our estimates of $1.85 and Bloomberg consensus of $1.81, sees FY26 adj. EPS in a range of $7.50 to $8.00, which is ~$1 lower than our estimate and Bloomberg consensus.\"",
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      "text": "By our estimates, the benefit could have been upwards of $0.44 per share in the most aggressive case.",
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      "text": "Analysts cheered and promoted the headline narrative the Bunge beat Q4'25 EPS estimates on Feb 6th, but the 10-K filed almost two weeks later revealed that Viterra's depreciable PP&E had fallen by $337m.",
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      "text": "BG beat on adj. EPS vs our estimates of $1.85 and Bloomberg consensus of $1.81, sees FY26 adj. EPS in a range of $7.50 to $8.00, which is ~$1 lower than our estimate and Bloomberg consensus. — Barclays Research: Feb 4, 2026",
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      "text": "Source: Bunge SEC filings and 2026E effective tax rate guidance of 23%-27%. Based on $337m PP&E revision and 194.9 diluted shares outstanding.",
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      "text": "EPS Impact From Viterra PP&E Revision table showing Effective Tax Rate vs Depreciable Years",
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