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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": "Uses a quote-based contradiction framework to highlight management's disconnect from the underlying financial data.",
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      "kind": "callout",
      "text": "High and Moderate Risk Accounted for a Combined 68% of Y-o-Y Growth",
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      "text": "Management Is Not Concerned With The Level Of Risk... But You Should Be",
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      "text": "Management Is Not Concerned With The Level Of Risk... But You Should Be",
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      "text": "Y-o-Y growth in high and moderate risk assets: 68%",
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      "text": "Investors should be concerned by management's comments on the bank business and its push to grow accounts. The CEO of Canadian Tire Bank says he is not concerned about the level of risk in the portfolio despite attracting new customers and the continuous growth of \"high risk\" and \"moderate risk\" assets. 68% of Y-o-Y growth has been in high and moderate risk categories.",
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      "kind": "quote",
      "text": "Great, then as a follow-up, your credit card past due rates increased a little bit, by about 20 basis points sequentially from Q4. Does that concern you, or is that just noise?",
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      "kind": "quote",
      "text": "No, I think—well, obviously we keep a really close eye on all of our credit risk metrics. We're not concerned about the level of risk in the portfolio.",
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      "kind": "quote",
      "text": "No, I think—well, obviously we keep a really close eye on all of our credit risk metrics. We're not concerned about the level of risk in the portfolio. — Gregory Craig, President & CEO Canadian Tire Bank",
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      "text": "Source: Company Financial Reports",
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      "text": "Risk category growth table showing Q1 2018 to Q3 2019 data for Low, Moderate, and High risk segments.",
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      "text": "Increased Risk Levels Should Be Area Of Concern For Investors",
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