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  "documentTitle": "Canadian Tire Corporation (CTC.A)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-05 00:00:00",
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  "notes": "Includes red callout boxes highlighting the 'Gain/loss on disposal of property' line items.",
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      "kind": "callout",
      "text": "After not selling any properties in 2017, CTC divested property in 2018",
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      "text": "During the first 6 months of 2019, CTC has already outpaced the entire year of 2018",
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      "text": "It appears CTC is more inclined to sell properties than it was in the past. In 2018 and during the first half of 2019, CTC drastically increased the value of sales. This is concerning given that CTC’s debt load has grown substantially over this time. We believe this is a sign the company is strapped for cash.",
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      "text": "It appears CTC is more inclined to sell properties than it was in the past. In 2018 and during the first half of 2019, CTC drastically increased the value of sales. This is concerning given that CTC's debt load has grown substantially over this time. We believe this is a sign the company is strapped for cash.",
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      "text": "Note: No property sales in Q3'19",
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      "text": "2018 Annual Report (page 78) cash flow statement",
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      "text": "2019 Second Quarter Report to Shareholder (page 43) cash flow statement",
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      "text": "Counterproductive Actions Are A Signal That CTC Must Delever: Divesting Properties To Raise Cash",
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