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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 'bridge' style logic to adjust Bunge's reported figures to a more conservative Spruce Point view.",
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      "text": "Bunge claims its credit has improved and increased the factor to 70% from 50% (slide 26). We disagree with this assessment. We apply the same 40% factor used by ADM. Bunge reported \"misclassifications\" of RMI in the 10-K which undermines confidence in its reporting.",
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      "text": "Net Debt / LTM Adj. EBITDA: 5.7x",
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      "text": "Source: Bunge SEC filings and Spruce Point analysis. Note: Excludes impact of soy crush acquisition from IFF due to lack of EBITDA estimates.",
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