{
  "docId": "019dd923-622c-750b-8b98-d4565c313b68",
  "docSlug": "207d3ac66ddd",
  "documentTitle": "Canadian Tire Corporation (CTC.A)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 107,
  "pageCount": 108,
  "prevPage": 106,
  "nextPage": 108,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "Includes a red arrow annotation highlighting a downward revision by Desjardins.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-d4565c313b68/107",
  "deckHref": "/decks/019dd923-622c-750b-8b98-d4565c313b68",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-d4565c313b68.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-d4565c313b68#slide-107",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe there is a big divergence between the consensus of analysts’ projections and the Company’s likeliness for a reduction in capital return plans.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee3b-7248-a1a5-aacb853c9e9e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Price Target: $167",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee3b-7248-a1a5-ac9bdea7bbbc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Sell-side analyst are not exceedingly bullish on Canadian Tire. With multiple Buy/Hold ratings and only one Sell recommendation, it is clear the majority of analysts are not factoring in the true balance sheet leverage and abundant credit risk.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e6b60151-7b77-4969-bbee-7e237f2858fd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.25,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Note: Upside based on share price of C$151 Source: Bay Street estimates",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "191a1de6-cb9c-465a-b532-92d2dd67f1bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.64,
        "x": 0.18,
        "y": 0.408
      },
      "kind": "table",
      "text": "Canadian Tire Sell-Side Price Targets table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c9e5806-7523-4716-80cc-6d445f3fc08b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Sell-Side Estimates Show Limited Upside & Do Not Reflect Appropriate Downside Risk",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c78d1778-450f-4dfa-ba42-f1870a3e2c45",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 108,
      "from": 102,
      "beatId": "d2776f4c-0db9-4987-9ad0-246f8cab3d56",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document provides a solution in the form of a short sell opinion, estimating a 35%-50% downside risk.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}