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  "documentTitle": "Dollarama Inc. (DOL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-31 00:00:00",
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  "notes": "Red boxes highlight the negative changes in working capital and the resulting year-over-year decline in net cash flow for FY 2019.",
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      "text": "In H1 FY 2019, Dollarama’s cash flow contracted on a year-over-year basis for the first time since it went public – this despite management’s efforts to bolster earnings and EBITDA.",
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      "text": "Net CFO: (53.1)",
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      "text": "In H1 FY 2019, Dollarama's cash flow contracted on a year-over-year basis for the first time since it went public – this despite management's efforts to bolster earnings and EBITDA. The contraction appears to be due in large part to changes in working capital. In particular, we are concerned that growth in inventories suggests that management overestimated near-to-medium term sales growth, and that declining traffic is starting to weigh on the Company.",
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      "text": "Source: Dollarama",
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      "text": "Dollarama H1 Operating Cash Flow table",
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      "kind": "title",
      "text": "Cash Flow Beginning To Turn Over Despite Efforts To Bolster Results",
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