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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": "The slide uses a dual-table layout to juxtapose corporate capital allocation (buybacks) against individual insider behavior (selling).",
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      "kind": "callout",
      "text": "We do not like the fact that insiders have been selling into share buybacks while the Company levers itself up with short-term debt to support those repurchases. It appears that the execs are leveraging up the business in part to enrich themselves.",
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      "text": "We do not like the fact that insiders have been selling into share buybacks while the Company levers itself up with short-term debt to support those repurchases. It appears that the execs are levering up the business in part to enrich themselves.",
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      "text": "average repurchase price: 1.6B",
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      "text": "Management has been buying back shares at elevated prices through the last several years even while pursuing growth, leaving little capital for (sorely needed) store updates or other uses.",
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      "text": "Furthermore, just as the Company has been buying back stock at elevated prices, insiders have been offloading shares. Notably, it is evident from past and current proxy statements that CFO Michael Ross has never held onto shares for which he has been granted options.",
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      "text": "Source: DOL filings and Bloomberg. 1) All share information prior to Q2 '19 reflects pre-split data, except Split-Adjusted Average Prices. Q2 '19 repurchases were as stated.",
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      "text": "Using Company Funds To Overpay For DOL Shares...",
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      "text": "Insiders Selling While Company Buys Back Stock At Elevated Prices",
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