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  "documentTitle": "GFL Environmental Inc. (GFL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-08-18 00:00:00",
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  "notes": "The slide uses a quote from an industry observer to support the thesis that GFL's acquisitions are largely failures, justifying the high intangible asset valuation as a risk.",
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      "text": "If, as suggested by an industry observer, more than half of GFL’s deals are failures, we believe its market cap could easily be halved.",
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      "text": "Goodwill and Intangibles % of Market Cap",
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      "text": "Goodwill and Intangibles % of Market Cap: 98%",
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      "text": "While many GFL stock promoters will point to its revenues and EBITDA to argue it's undervalued to peers, none have pointed out the unexplained financial revisions to these figures that undermine confidence in its reporting, or point out the staggering amount of goodwill and intangibles assets on its balance sheet, accumulated from overpaying for assets in our view. We have provided numerous examples of deals that have had problems, suggesting that these intangible assets are at risk of impairment. GFL's has the highest market cap to intangible assets in the industry. If, as suggested by an industry observer, more than half of GFL's deals are failures, we believe its market cap could easily be halved.",
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      "text": "If I were to take a conservative estimate, well over 50% of GFL's 100+ acquisitions I'd characterize as a failure.",
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      "text": "“If I were to take a conservative estimate, well over 50% of GFL’s 100+ acquisitions I’d characterize as a failure.” — Industry Observer Familiar With GFL In Canada",
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      "text": "Source: Company filings and market data. Note: Our GFL market cap adjusted for tangible equity units",
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      "kind": "title",
      "text": "Investors Ascribe Industry High Value To GFL's Intangible Assets",
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