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  "documentTitle": "Canadian Tire Corporation (CTC.A)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-12-05 00:00:00",
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  "notes": "Includes adjustments for lease liabilities, property sales, REIT income, working capital, capex, taxes, and interest.",
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      "kind": "disclaimer",
      "text": "1) Reported in cash flow from financing due to IFRS 16 (YTD Q3'19). Q4'18 is reflected in cash flow from operations\n2) Spruce Point estimate based on CTC financial disclosures\n3) Based on segment EBT and 25% tax rate\n4) Other items includes finance leases, interest income and capitalized borrowing costs\nNote: Spruce Point estimates rounded to nearest 5\nSource: Company financials, Spruce Point analysis",
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      "text": "Retail FCF: $151",
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      "text": "Table showing Retail FCF build-up from Reported Retail EBITDA to Retail FCF across 5 periods.",
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      "text": "Retail Segment Free Cash Flow",
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      "evidence": "The document provides a solution in the form of a short sell opinion, estimating a 35%-50% downside risk.",
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