{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b97-d38644983b6e", "slug": "92406204b1f4", "title": "FleetCor Technologies (FLT)", "subtitle": "Citron Research · 2019-06", "author": "Citron Research", "date": "2019-06-01 00:00:00", "pageCount": 15, "kind": "research-note", "orientation": "landscape", "aspectRatio": 1.7777778, "targetCompany": "FleetCor Technologies", "targetTicker": "FLT", "document": { "id": "019dd923-622c-750b-8b97-d38644983b6e", "slug": "92406204b1f4", "title": "FleetCor Technologies (FLT)", "rawTitle": "Citron Exposes one of the Largest Clean Energy Frauds in US History", "authorId": "52_Citron_Research", "authorName": "Citron Research", "authorDisplay": "Citron Research", "kind": { "slug": "research-note", "label": "Research note" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2019-06-Citron-Exposes-one-of-the-Largest-Clean-Energy-Frauds-in-US-History.pdf", "sourceUrl": "http://www.citronresearch.com", 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Cover slide stamps 'FRAUD' across the Clean Advantage logo — strong visual hook. Page 4 is the signature image: 97% / 2.5% / 0.5% allocation triptych. Page 6 is a clean unit-economics build (credits acquired -> gallons offset -> % of paying gallons = 0.7%). Page 11 is the WEX peer-gap (5,000 trees vs. 3M+). Page 13 is the SOTP-style valuation bridge to $110.81 PT. Heavy use of analogy (Volkswagen, Valeant/Philidor) as playbook signaling. CEO quote contradiction = Clarke publicly touting 'zero emissions' growth driver while program delivers ~0.7% offset coverage. Date approximate (June 2019) from filename — no exact day on cover.", "kpisCited": [ { "detail": "97% to FleetCor, 2.5% to GreenPrint, 0.5% to the environment", "metric": "Clean Advantage fee distribution" }, { "detail": "$100M+ minimum since 2015 program inception", "metric": "Total customer fees collected" }, { "detail": "~200,000 vintage credits (2008-2010 issue dates) for ~$200k total", "metric": "Carbon credits acquired" }, { "detail": "20M gallons offset vs. 3B gallons paying = 0.7%", "metric": "Gallons offset vs. paying" }, { "detail": "FleetCor $1,000/card/year vs. WEX €18/card/year", "metric": "Per-card pricing vs. peer" }, { "detail": "Clean Advantage 5,000 trees vs. WEX 3,044,488 trees since 2017", "metric": "Trees planted vs. peer" }, { "detail": "$1,518M, of which $125M attributed to Clean Advantage", "metric": "FLT 2019 consensus EBITDA" }, { "detail": "$110.81 vs. $255 current = -56.5% downside", "metric": "FLT price target" } ], "closingAsk": "Investors should avoid catching the falling knife — FleetCor's stock is no longer investable given the downside from regulatory action, customer losses, and multiple contraction.", "extraction": { "at": "2026-04-22 20:17:16+00", "model": "unknown-legacy", "runId": null, "seconds": 77.99104, "promptVersion": null }, "scqaReward": "Stripping out $125M Clean Advantage EBITDA and applying a 10x multiple yields a $110.81 price target versus $255 trading price — implying ~56.5% downside before fines, customer losses, and multiple contraction.", "thesisTypes": [ "fraud_exposure", "management_change" ], "top3Reasons": [ "97% of Clean Advantage fees stay with FleetCor; only 0.5% reaches the environment", "None of the carbon offset projects listed on the website are registered or audited", "$100M+ in customer fees for carbon neutrality is the largest US clean-energy fraud" ], "scqaSituation": "FleetCor is the largest global fuel card operator; since 2015 its Clean Advantage program has charged 100k fleet customers ~$0.05/gallon to make their fleets carbon-neutral via offsets administered by partner GreenPrint.", "thesisSummary": "Citron alleges FleetCor's Clean Advantage program — sold to 100k fleet customers as a carbon-neutral solution since 2015 — is the largest clean-energy fraud in US history. 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