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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": "Includes a bubble chart comparing EBITDA vs Gross Margin and two bar charts for P/E and EV/EBITDA multiples.",
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      "kind": "callout",
      "text": "Dollarama's margin profile is grossly out of line with peers... How will a low/no-moat business with falling per-store traffic be able to maintain its remarkable profitability advantage?",
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      "text": "The premium in Dollarama's share price is driven by the market's trust in management's growth initiatives... However, neither its profitability advantage nor its growth prospects are sustainable.",
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      "text": "Dollarama's margin profile is grossly out of line with peers, and we find evidence of aggressive accounting and questionable business practices that can partly explain the issue.",
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      "text": "Dollarama Margins Completely Out Of Line With Peers",
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      "text": "We do not believe that Dollarama's profitability levels – which are entirely out of line with peers – are justified or sustainable in an industry as competitive as deep discount retail.",
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      "kind": "source-note",
      "text": "Big Lots (BIG), Dollar Tree (DLTR), Dollar General (DG), Metro Inc (MRU CN) and Canadian Tire (CTC CN).",
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      "kind": "title",
      "text": "Margins And Multiples Materially Out-of-Line With Peers",
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