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  "docSlug": "c0127171790f",
  "documentTitle": "Bunge Global SA (BG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-03-25 00:00:00",
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  "notes": "The slide uses a red arrow annotation to highlight the divergence between the rising valuation multiple and the underlying business performance.",
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      "kind": "callout",
      "text": "Given all the evidence we've presented of Bunge and Viterra's struggles, we do not see a rationale as to why its multiple has expanded to a 3-year high. Not only is Viterra's business lower margin, but also it is clearly more volatile and/or impaired from market share loss and a -16.7% revenue decline in 2025. These factors should not increase the valuation of Bunge's enterprise.",
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      "text": "Given all the evidence we’ve presented of Bunge and Viterra’s struggles, we do not see a rationale as to why its multiple has expanded to a 3-year high.",
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      "text": "Bunge's EV / NTM Revenue And EBITDA Multiple",
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      "text": "EV / NTM Revenue and EBITDA Multiple: -16.7%",
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      "text": "Source: Bloomberg",
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      "kind": "title",
      "text": "We See Limited Justification For Bunge's Revenue Multiple Expansion",
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