{
  "docId": "019dd923-622c-750b-8b99-dfc8f9e0fa3e",
  "docSlug": "c0127171790f",
  "documentTitle": "Bunge Global SA (BG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-03-25 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 67,
  "pageCount": 74,
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  "slideType": "valuation_table",
  "function": "quantify_opportunity",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "The chart shows a historical average of 0.35x, which the activist argues should be lower.",
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      "kind": "callout",
      "text": "Bunge’s historical EV / Revenue multiple averaged 0.35x before the Viterra deal was rumored in May 2023. We believe that the combined Company’s fundamentals have weakened since food consumption trends have changed and Bunge has reported lost market share in certain regions and segments. As a result, we believe Bunge’s new multiple should be structurally lower than its historical trading multiple range.",
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      "bbox": {
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      "kind": "chart",
      "text": "Bunge's EV / NTM Revenue",
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      "kind": "metric",
      "text": "EV / NTM Revenue: 0.35x",
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      "kind": "paragraph",
      "text": "Bunge's historical EV / Revenue multiple averaged 0.35x before the Viterra deal was rumored in May 2023. We believe that the combined Company's fundamentals have weakened since food consumption trends have changed and Bunge has reported lost market share in certain regions and segments. As a result, we believe Bunge's new multiple should be structurally lower than its historical trading multiple range.",
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      "kind": "source-note",
      "text": "Source: Bloomberg",
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      "kind": "title",
      "text": "Bunge's Multiple (Pre-Viterra)",
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      "evidence": "0.35x historical multiple anchors target valuation",
      "confidence": 78
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      "evidence": "Title anchors pre-Viterra multiple as benchmark",
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      "evidence": "Pre-Viterra multiple, adj EV $46bn, adj leverage 5.7x, target $24.35-$53.08.",
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