{
  "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": 81,
  "pageCount": 108,
  "prevPage": 80,
  "nextPage": 82,
  "slideType": "peer_gap",
  "function": "expose_gap",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "The slide uses a red flag callout to emphasize the divergence in delinquency trends.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "line_chart",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-d4565c313b68/81",
  "deckHref": "/decks/019dd923-622c-750b-8b98-d4565c313b68",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-d4565c313b68.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-d4565c313b68#slide-81",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.25,
        "x": 0.74,
        "y": 0.44
      },
      "kind": "callout",
      "text": "Over the past 2 years, Canadian banks have continued to see a decline in delinquencies. However, during the period, CTC's delinquencies have remained flat. The gap between CTC and Canadian Banks shows a relative weakness in CTC Credit Card Portfolio",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "edd0d26a-1578-415d-82c8-eb16ba1357d9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.68,
        "x": 0.05,
        "y": 0.42
      },
      "kind": "chart",
      "text": "90+ Day Credit Card Delinquencies",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1517504c-0c76-4822-85af-ecdf6eb461f1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "90+ day credit card delinquency rate",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee3b-7248-a1a4-b987942d832f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "While it is clear that Canadian Tire has riskier assets due to the nature of its credit card business and profile of its card users, the relative change in Canadian Tire's delinquency rate has performed worse than peers over the past 2 years. This is a sign of a weak credit portfolio which we believe should worry investors.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3c35b18f-82ff-4b0f-ab91-4399b0363da2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Bloomberg, Company filings",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dc77f121-e510-40a7-b46f-ad87c1253489",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.305,
        "y": 0.04
      },
      "kind": "title",
      "text": "Deterioration Worse Than Peer Banks",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3581c37f-e5cf-47cb-bbc5-b8dea0931bbf",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "672adab4-edb0-40b6-bc16-e00930d7f3bd",
      "evidence": "Direct comparison of delinquency rates between subject and peer group.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 87,
      "from": 74,
      "name": "So What Cascade",
      "slug": "41-so-what-cascade",
      "bestFor": "Data presentations, executive summaries, driving to recommendations",
      "matchId": "11fe0fd7-7db9-4cc9-813d-d2872c7399ba",
      "evidence": "The document cascades the implications of Canadian Tire's business model, highlighting the potential risks and consequences.",
      "position": 1,
      "objective": "Cascade the implications of Canadian Tire's flawed business model",
      "structure": "The Data -> So What? (Insight 1) -> So What? (Insight 2) -> So What? (The Action)",
      "confidence": 0.7,
      "description": "Chain insights together, each answering 'so what?' until you reach the actionable conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}