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  "documentTitle": "Dollarama Inc. (DOL)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-31 00:00:00",
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  "notes": "Uses a reverse-valuation (implied growth) approach to expose overvaluation.",
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      "kind": "callout",
      "text": "What kind of growth is the market implicitly betting on if we value Dollarama on par with peers?",
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      "text": "Put another way: The market is implicitly taking it for granted that Dollarama will achieve its lofty ten-year growth targets, assuming sustained profitability levels and per-store efficiency – and applying close to the industry median FY1 EV/EBITDA multiple to Dollarama's FY 2027 EBITDA!",
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      "text": "High forecast gives us 4% DOWNSIDE",
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      "text": "150 more stores than management's ten-year target; 4.8% CAGR in revenue per store; Zero margin compression",
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      "text": "FY 2027 Estimates if Management Executes Growth Plans Perfectly",
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      "text": "FY 2027 Estimates To Justify Prevailing Valuation",
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      "kind": "title",
      "text": "Dollarama Not Priced To Perfection – Priced Beyond Perfection (Continued)",
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