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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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      "kind": "callout",
      "text": "DOL shares also trade at a significant premium to historical multiples despite unsustainable margins, an increasingly saturated market, and rising competitive threats",
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      "text": "Does DOL – a value retailer demonstrating concerning fundamental trends – deserve to be valued on par with higher-growth industries, and completely out of line with its industry peers?",
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      "text": "Enterprise Value / Adj. EBITDA historical trend",
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      "text": "EV/EBITDA (NTM): 72.7%",
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      "text": "DOL shares trade at a 50-60% premium to peers in the discount retail industry. The market is valuing DOL much more like a high-growth tech company than a brick-and-mortar dollar store.",
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      "text": "Valuation Far Out Of Line With Peers And Historical Multiples",
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