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  "documentTitle": "Canadian Tire Corporation (CTC.A)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-12-05 00:00:00",
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  "notes": "Includes a line chart of CTC's gross margin, a table calculating potential profit loss, and social proof from Gasbuddy.com.",
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      "text": "Lower net per litre fuel margin at Petroleum reflecting a more competitive marketplace and the impact of the newly implemented carbon tax in some regions.",
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      "text": "Represents potential ~15% hit to CTC's EBT",
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      "text": "According To Gassbuddy.com, Costco Gas Are The Best Priced Gas Stations And Are Very Popular",
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      "text": "We believe the largest threat to Canadian Tires' Petroleum business is competition from Costco and the increased pressure on pricing will erode CTC's current profitability.",
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      "text": "Lower net per litre fuel margin at Petroleum reflecting a more competitive marketplace and the impact of the newly implemented carbon tax in some regions, lower growth in profit from the Company's margin-sharing arrangement with its Dealers, the impact of IFRS 16, and higher interest expense. — 2019 Second Third Quarter Earnings Presentation (slide 7)",
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      "text": "Source: Gasbuddy.com, Company filings, Spruce Point analysis",
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