Spruce Point Flags Bunge Shares, Projects 55%-80% Downside Risk Amid Debt-Financed Payouts And Viterra Integration Challenges

Spruce Point Capital Management has issued a report projecting a 55% to 80% downside risk for Bunge Global SA (NYSE: BG) shares, estimating a potential price range of $24.50 to $55.85 per share. The report highlights a capital deficit of $1.6 billion due to debt-financed dividends and share repurchases, alongside challenges in Bunge's oilseeds business and integration issues with Viterra, which reportedly missed 2025 EBITDA projections by 24%. Additionally, Viterra's revenue declined by approximately 16.7% in 2025, contrasting with a 6.3% growth among public agribusiness peers.