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  "docSlug": "207d3ac66ddd",
  "documentTitle": "Canadian Tire Corporation (CTC.A)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-05 00:00:00",
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  "notes": "The slide argues that standard P/E and EBITDA multiples are misleading for Canadian Tire due to poor cash flow conversion.",
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      "text": "Although Canadian Tire may appear cheap compared to retailers on a P/E and EBITDA multiple basis, this is the incorrect way to value Canadian Tire given its unique business model.",
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      "text": "EBITDA multiple: 8.2x",
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      "text": "Although Canadian Tire may appear cheap compared to retailers on a P/E and EBITDA multiple basis, this is the incorrect way to value Canadian Tire given its unique business model. Canadian Tire's retail segment EBITDA is potentially misleading due to its poor cash flow conversion, and we believe evaluating it on a cash flow basis is a much more accurate representation of Canadian Tire Retail's fair value.",
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      "text": "Source: Company financials, Wall Street estimates",
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      "text": "Retail Sector Comps",
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