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  "documentTitle": "Canadian Tire Corporation (CTC.A)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-05 00:00:00",
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  "notes": "The slide uses a comparison table to highlight the gap between consensus estimates and the reality of underlying earnings growth.",
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      "kind": "callout",
      "text": "It appears sell-side analysts’ growth estimates are giving CTC the continuous benefit of its unsustainable accounting tricks",
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      "text": "EPS Growth: 24.3%",
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      "text": "The sell-side is assuming the Company is able to continue pulling additional levers to benefit earnings. In the absent of these one-time benefits, CTC would be required to grow EPS 25% to hit street targets. Investors will likely be disappointed as recent one-time benefits begin to roll off and CTC’s underlying earnings struggles are made clear.",
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      "text": "1) Spruce Point Q4'19E EPS based on Wall Street consensus estimate of $5.37",
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      "text": "Note: Estimates as of 12/3/2019 Source: Bloomberg",
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      "text": "Financial table showing FY 2018, 2019E, 2020E for Operating Profit, Pre-tax Profit, Net Income, and EPS with growth rates.",
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      "text": "Table comparing 2019E Spruce Point Adjusted EPS vs 2020E Wall Street Consensus EPS to derive 24.3% growth.",
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      "kind": "title",
      "text": "The Street Will Be Caught By \"Surprise\"",
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