{
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 6,
  "pageCount": 53,
  "prevPage": 5,
  "nextPage": 7,
  "slideType": "executive_summary",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "This is a classic activist short thesis slide, structured as a summary of key arguments.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-898f7b790f90/6",
  "deckHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90#slide-6",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point Believes Dollarama (TSX: DOL) Is A “Strong Sell” With ~40% Downside Risk",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9edc-884f4d38d70e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.96,
        "x": 0.02,
        "y": 0.72
      },
      "kind": "list",
      "text": "Founding Family Related-Party Deals; CEO Stepped Down And Installed His Son; Opaque Supplier Relationship; Insider Ownership Declining",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5047b3f8-26bc-445b-a133-0700d350ab92",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.96,
        "x": 0.02,
        "y": 0.32
      },
      "kind": "list",
      "text": "A Retailer Of Low-End Products With Declining Fundamentals In An Increasingly Competitive Environment",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "585b560f-cdd8-4bb9-a7f4-a11aa644b430",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.96,
        "x": 0.02,
        "y": 0.68
      },
      "kind": "list",
      "text": "Troublesome Management And Governance Red Flags",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "89f9e91f-955a-45ec-aef9-df03aefe3734",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.96,
        "x": 0.02,
        "y": 0.36
      },
      "kind": "list",
      "text": "Undifferentiated Products; Moving Upmarket Is A Risky Strategy; Saturation Is Imminent; Margins Inexplicably High And Likely Unsustainable",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f365a78f-cc25-489a-8a2f-4d4acadfe240",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "downside risk: ~40%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9edc-8f1f51dd68ce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Dollarama (DOL or “the Company”) is a dollar store which, following a series of price hikes over the course of several years,is no longer a true “dollar store.” As a result, DOL has fallen out of favor with value-oriented customers...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b4798ecc-ef7a-48b8-bc06-1e7b4800af3b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Spruce Point Believes Dollarama (TSX: DOL) Is A \"Strong Sell\" With ~40% Downside Risk",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "526ce3e7-b6c8-4bda-b1ab-19109666e039",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "1850c331-259b-4aad-b4f0-fdd594e07f6f",
      "evidence": "The slide is labeled as an executive summary and contains a detailed analysis.",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "executive-summary",
      "slug": null,
      "matchId": "dc4cab17-3ce0-49d9-828c-8fc100dd5d9f",
      "evidence": "The slide provides a high-level summary of the investment thesis.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}