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  "documentTitle": "GFL Environmental Inc. (GFL)",
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  "notes": "Uses a 'Spruce Point Reality' vs 'GFL Prospectus' framing to highlight a discrepancy in reported EBITDA multiples.",
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      "text": "Spruce Point believes GFL obscures what it is paying for “platform” deals because it has substantially overpaid. Instead, it points investors in its IPO document to an “average adjusted” EBITDA multiple of 7.0x for over 100 deals",
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      "text": "In addition to strong organic growth, we have completed over 100 acquisitions since 2007, generally at an average adjusted EBITDA multiple of 7.0x, excluding platform acquisitions",
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      "text": "In addition to strong organic growth, we have completed over 100 acquisitions since 2007, generally at an average adjusted EBITDA multiple of 7.0x, excluding platform acquisitions — GFL Prospectus",
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      "text": "Spruce Point Believes GFL Overpays For Deals To Fuel Its Growth",
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