{
  "docId": "019dd923-622c-750b-8b98-898f7b790f90",
  "docSlug": "ecb6f6c63e11",
  "documentTitle": "Dollarama Inc. (DOL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-31 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 51,
  "pageCount": 53,
  "prevPage": 50,
  "nextPage": 52,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 120,
  "notes": "The slide uses two distinct tables to contrast Dollarama's valuation multiples and margins against two different peer groups, using red boxes to highlight the premium gap.",
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  "slideHref": "/slides/019dd923-622c-750b-8b98-898f7b790f90/51",
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  "components": [
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      "kind": "callout",
      "text": "Does a discount retailer facing fundamental headwinds deserve to be priced 50% or more above its peer group, and closer to global premium retail brands?",
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      "kind": "callout",
      "text": "How does Dollarama support EBITDA margins more than double those of its peer group, and in line with premium global retail brands?",
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      "text": "EBITDA margin: 25%",
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      "componentId": "019dd953-5376-7749-9ee0-2c89d5a6715e",
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      "kind": "paragraph",
      "text": "Dollarama is valued much more closely to premium retail brands than its discount retail peer group. A bull might “justify” this by pointing to Dollarama’s profitability profile and growth expectations, but its EBITDA margins are so out of line with those of its peers that one is forced to question whether they are sustainable (at best) or honest (at worst). As discussed, Dollarama’s consensus sales growth numbers also ignore looming fundamental threats to the business.",
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      "text": "Discount Retail Peer Group Table",
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      "text": "Premium Retail Brand Peer Group Table",
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      "kind": "title",
      "text": "Does The Market Think Dollarama Is A Dollar Store Or A Premium Retail Brand?",
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  "metrics": [],
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      "evidence": "Contrasting Dollarama against two distinct peer groups (discount vs premium) to expose valuation anomalies.",
      "confidence": 0.9
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      "evidence": "The deck provides a solution, presenting a valuation and price target that implies ~40% downside risk.",
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      "confidence": 0.8,
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