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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 highlights that despite price target adjustments, the implied upside remained constant at 14% on average, suggesting analysts are not adjusting their long-term outlooks sufficiently.",
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      "text": "While analysts are still not sufficiently critical of Dollarama, the more recent downward move in the stock and subsequent analyst downgrades may suggest that the market could be primed to evaluate the Company and its growth story with a more discerning eye.",
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      "text": "Target Price: C$48.53",
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      "text": "While analysts are still not sufficiently critical of Dollarama, the more recent downward move in the stock and subsequent analyst downgrades may suggest that the market could be primed to evaluate the Company and its growth story with a more discerning eye. We believe that the issues which we highlight in this report will provoke further professional skepticism among analysts and investors.",
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      "text": "Dollarama's poor Q2 cooled analysts' optimism to some extent, but we believe that the reaction was largely reactive and superficial, as they adjusted their price targets in such a way that, in aggregate, they saw exactly the same upside after the post-Q2 dip as they did before. The market still does not fully appreciate the magnitude of the threats facing Dollarama.",
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      "text": "Analysts are generally bullish on the stock, focusing primarily on management's growth story and taking current profitability levels for granted. The prospect of new competitive threats to a business which has until now seen limited competition – and the risk that prevailing margins are unsustainable even through the near term – go underappreciated.",
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      "text": "The Market Has Not Taken Threats To Dollarama Seriously – But Optimism Is Ebbing",
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