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  "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",
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  "pageNumber": 13,
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  "notes": "The slide uses a custom flow diagram to visualize systemic risk and leverage across corporate entities.",
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      "text": "Canadian Tire’s business model is an interconnected web of risk held by Canadian Tire. The model is highly dependent on debt financing and is much riskier than a traditional Dealer model.",
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      "kind": "diagram",
      "text": "Flowchart showing relationships between Customers, CT Retail Dealers, Canadian Tire Bank, Canadian Tire, and CT REIT, with risk and leverage indicators.",
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      "text": "Key: Payment (Green), Risk (Red), CT Money (Blue)",
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      "text": "Canadian Tire's business model is an interconnected web of risk held by Canadian Tire. The model is highly dependent on debt financing and is much riskier than a traditional Dealer model.",
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      "text": "Source: Spruce Point research",
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      "kind": "title",
      "text": "Does The Market Fully Understand This: Overleveraged / Debt Fueled Business Model",
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