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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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  "notes": "Uses a waterfall chart to bridge 2026 EPS to 2030 target, and a table to demonstrate the math gap in synergy benefits.",
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      "text": "Bunge would have to buyback 23-27m shares or $2.9 - $3.4bn to get $1.50 EPS benefit which does not appear credible",
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      "text": "Recall that Viterra had no long-term projections. However, now Bunge claims it has visibility to 2030. Spruce Point believes that too much as to go right for Bunge’s $15/share+ 2030 “Baseline” earnings to be credible.",
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      "text": "Source: 2026 Investor Day Presentation and Proxy Statement specify the synergies are pre-tax. Red emphasis Spruce Point and Spruce Point analysis",
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