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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": "The table highlights specific adjustments made by Spruce Point to debt and enterprise value calculations.",
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      "text": "Adjusted Enterprise Value: $46,235",
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      "text": "1) Bunge reports uncertain tax liabilities of just $77m... 2) Breakdown as follows... 3) Pro forma for $1.2bn debt offering March 2026...",
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      "text": "Source: Bunge filings and Spruce Point analysis.",
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      "text": "Bunge's Pro Forma Adjusted Enterprise Value Is Much Larger After Our Sensible Adjustments",
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