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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 table includes a 'Spruce Point Adj' row to account for TEU impact on enterprise value.",
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      "text": "Spruce Point believes the market is overvaluing GFL, in part by not accurately modeling the impact of its TEUs which further increase its enterprise value.",
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      "text": "Enterprise Value / EBITDA: 16.1x",
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      "text": "Even If You Believe GFL's Financials At Face Value, Its Shares Are Very Expensive",
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