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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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      "text": "We compare Bunge with a global set of agriculture trading and merchandising peers. Analysts often fail to include Bunge's global peers in emerging markets to formulate their valuation. However, it is not fair to ignore these companies since most of Bunge's assets and revenues are based in risky parts of the world such as Brazil and Argentina.",
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      "text": "Ent Value / EBITDA: 10.9x",
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      "text": "We compare Bunge with a global set of agriculture trading and merchandising peers. Analysts often fail to include Bunge's global peers in emerging markets to formulate their valuation. However, it is not fair to ignore these companies since most of Bunge's assets and revenues are based in risky parts of the world such as Brazil and Argentina.",
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      "kind": "source-note",
      "text": "Source: Company filings, Bloomberg and Spruce Point estimates. Note: Closest peers in red outline and Net Debt / EBITDA excludes any RMI benefits.",
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      "text": "Peer Trading Multiples table",
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      "kind": "title",
      "text": "We Believe Bunge Trades At An Irrational Premium To Peers But With Inferior Margins",
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      "evidence": "Global trading peer set anchors fair multiple",
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