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(DOL)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2018-10-31 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 32, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a table to compare implied lease terms and calculates the impact on EBIT if schedules were aligned.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-898f7b790f90/32", "deckHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90#slide-32", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-898f7b790f90", "docSlug": "ecb6f6c63e11", "documentTitle": "Dollarama Inc. (DOL)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2018-10-31 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 33, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a combination of historical debt analysis and peer benchmarking to highlight financial mismanagement.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-898f7b790f90/33", "deckHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90#slide-33", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-898f7b790f90", "docSlug": "ecb6f6c63e11", "documentTitle": "Dollarama Inc. (DOL)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2018-10-31 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 34, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses two tables to demonstrate financial inconsistencies; includes a callout box questioning management's transparency.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-898f7b790f90/34", "deckHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90#slide-34", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-898f7b790f90", "docSlug": "ecb6f6c63e11", "documentTitle": "Dollarama Inc. 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The slide uses this to frame management's lack of transparency as a red flag.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-898f7b790f90/35", "deckHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90#slide-35", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-898f7b790f90", "docSlug": "ecb6f6c63e11", "documentTitle": "Dollarama Inc. (DOL)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2018-10-31 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 36, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses visual evidence (maps and photos) to contrast old and new store locations in Huntsville and Ste-Agathe-Des-Monts.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-898f7b790f90/36", "deckHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90#slide-36", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-898f7b790f90", "docSlug": "ecb6f6c63e11", "documentTitle": "Dollarama Inc. 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(DOL)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2018-10-31 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 38, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-898f7b790f90/38", "deckHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90#slide-38", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-898f7b790f90", "docSlug": "ecb6f6c63e11", "documentTitle": "Dollarama Inc. (DOL)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2018-10-31 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 39, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses maps to show geographic concentration vs. competitor spread, and a table to show the scale of related-party payments.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-898f7b790f90/39", "deckHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90#slide-39", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-898f7b790f90", "docSlug": "ecb6f6c63e11", "documentTitle": "Dollarama Inc. 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(DOL)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2018-10-31 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 42, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide highlights a conflict of interest where management decisions (like purchasing warehouses) artificially boost EBITDA to trigger higher bonus payouts.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-898f7b790f90/42", "deckHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90#slide-42", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-898f7b790f90", "docSlug": "ecb6f6c63e11", "documentTitle": "Dollarama Inc. 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(DOL)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2018-10-31 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 45, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The chart shows a clear divergence between the declining share position and the rising stock price, used to imply a lack of alignment or confidence from the founder.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b98-898f7b790f90/45", "deckHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90#slide-45", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b98-898f7b790f90", "docSlug": "ecb6f6c63e11", "documentTitle": "Dollarama Inc. 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