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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 side-by-side comparison of two tables to show the addition of a footnote (Footnote 4) between 2017 and 2019.",
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      "text": "CTC has changed its capital structure by reducing its share count and increased debt since issuing the original guidance",
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      "text": "EPS growth: 10%",
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      "text": "Canadian Tire's EPS guidance of 10%+ established in Q4 2017 has been achievable due to various benefits that have potentially mislead investors to CTC's true underlying EPS growth. Earlier this year, CTC added a new footnote to its investor presentation stating its EPS guidance is based on normalized results. To us, it is clear CTC would not have achieved its guidance without various “normalized” adjustments and other unsustainable items.",
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      "text": "Recent Benefits Helped To Hit EPS Guidance",
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