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  "docSlug": "207d3ac66ddd",
  "documentTitle": "Canadian Tire Corporation (CTC.A)",
  "authorId": "54_Spruce_Point_Capital",
  "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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  "pageNumber": 83,
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  "notes": "The slide uses a line chart and a data table to highlight the divergence between company-reported 'normalized' EPS and Spruce Point's adjusted EPS.",
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      "text": "We believe Canadian Tire's reported EPS does not reflect its underlying organic growth. By removing what we believe are unsustainable benefits to EPS, the gap between our Spruce Point adjusted EPS and the reported EPS widens.",
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      "text": "Reported vs Spruce Point Adjusted LTM EPS",
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      "text": "LTM EPS: $12.32",
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      "text": "We believe Canadian Tire's reported EPS does not reflect its underlying organic growth. By removing what we believe are unsustainable benefits to EPS, the gap between our Spruce Point adjusted EPS and the reported EPS widens.",
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      "text": "1) Growth rate based on reported Q3'18 LTM EPS. Source: Company financials, Spruce Point analysis",
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      "text": "Reported EPS Does Not Provide Investors With A Clear Picture Of The Underlying Growth",
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