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  "documentTitle": "GFL Environmental Inc. (GFL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2020-08-18 00:00:00",
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  "notes": "The slide uses a structured layout to contrast the company's narrative with the activist's skepticism.",
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      "text": "Spruce Point believes the largest pillars of the GFL “growth” story via acquisitions are now over. This is mirrored by the recent comment below by the CEO during last week's WCA deal announcement call.",
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      "text": "We Believe Current GFL Investors Are Left “Betting” On The Uncertain Outcome Of These Three Things, Yet Most Sell-Side Analysts Have Already Given GFL Credit For Successful Completion",
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      "text": "#2 Closing WCA Acquisition: Before even closing WM/ADS, we believe GFL has further complicated its situation, by now requiring two regulatory approvals. The financing of the deal is not entirely certain.",
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      "text": "#1 Closing Waste Management / ADS Deal: This deal requires Dept of Justice (DOJ) approval. There is already evidence that deal terms have changed, yet GFL did not disclose this to investors.",
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      "text": "#3 GFL “Properly Integrating” Deals: Based on our extensive research, we believe GFL’s CEO likes to spend lavishly, and in ways that may not be beneficial to investors.",
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      "kind": "paragraph",
      "text": "We Believe Current GFL Investors Are Left “Betting” On The Uncertain Outcome Of These Three Things, Yet Most Sell-Side Analysts Have Already Given GFL Credit For Successful Completion",
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      "text": "So I just wanted to highlight that to refresh everyone’s sort of memories on what we said, what we have done, and sort of what we’re focused on sort of moving forward. But I think post WCA, there’s not another larger scale opportunity that’s in our horizon at the moment, and we’re just going to focus on getting these integrated properly and then focusing on tucking-in smaller M&A deals like what we’ve talked about acquiring sort of 25 to 30 deals a year of sort of $1 to $10m of EBITDA.",
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      "text": "So I just wanted to highlight that to refresh everyone's sort of memories on what we said, what we have done, and sort of what we're focused on sort of moving forward. But I think post WCA, there's not another larger scale opportunity that's in our horizon at the moment, and we're just going to focus on getting these integrated properly and then focusing on tucking-in smaller M&A deals like what we've talked about acquiring sort of 25 to 30 deals a year of sort of $1 to $10m of EBITDA. — GFL CEO Dovigi, Aug 13, 2020",
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      "text": "GFL's Growth Story Is Largely Over",
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