{
  "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": 84,
  "pageCount": 108,
  "prevPage": 83,
  "nextPage": 85,
  "slideType": "valuation_table",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 112,
  "notes": "The table shows a quarterly breakdown from Q1 2018 to Q3 2019, highlighting specific adjustments like Helly Hansen net income, share repurchases, and tax rate changes.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-d4565c313b68/84",
  "deckHref": "/decks/019dd923-622c-750b-8b98-d4565c313b68",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-d4565c313b68.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-d4565c313b68#slide-84",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Our adjusted EPS figures remove what we believe to be unsustainable benefits to EPS. After considering these adjustments, the company’s underlying organic EPS growth is performing worse than at face value.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee3b-7248-a1a4-9a47ee51cc54",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adjusted Diluted EPS: $3.01",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee3b-7248-a1a4-9ef7dae85c17",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Our adjusted EPS figures remove what we believe to be unsustainable benefits to EPS. After considering these adjustments, the company's underlying organic EPS growth is performing worse than at face value.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cc9e52c1-8be6-4665-a50a-4bdc74baa9e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.02,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "1) Growth rate based on reported Q3'18 EPS. Source: Company financials, Spruce Point analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "afe340c2-40ea-4750-a19a-f769713ed3a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.58,
        "w": 0.96,
        "x": 0.02,
        "y": 0.31
      },
      "kind": "table",
      "text": "Quarterly EPS adjustment table",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dce54477-f97d-4bd7-826b-757e56fec0c1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.305,
        "y": 0.05
      },
      "kind": "title",
      "text": "Adjusting For Unsustainable Benefits To EPS",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "07a14c5b-b79d-46cc-9e62-efc8086585da",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "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
}