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  "documentTitle": "GFL Environmental Inc. (GFL)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2020-08-18 00:00:00",
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  "notes": "Uses a 'Reality Check' framing to highlight a discrepancy between management's narrative and the underlying financial metrics.",
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      "text": "GFL is acquiring Advance Disposal Services assets. If, by its own admission, it is getting a mixed bag of imperfect assets, than how is it possible based on the metrics it told investors, that the assets are among the most productive and profitable in the industry?",
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      "text": "GFL is acquiring Advance Disposal Services assets. If, by its own admission, it is getting a mixed bag of imperfect assets, than how is it possible based on the metrics it told investors, that the assets are among the most productive and profitable in the industry, and even above Waste Management's corporate average?",
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      "text": "On June 24, 2020 GFL announced it's acquiring assets to be divested from WM's acquisition of Advanced Disposal. It's paying US$835m, acquiring US$345m of revenues and 900 employees.",
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      "text": "EBITDA / Avg Employee: $103,500",
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      "text": "\"That's, yeah I mean like I said like in any acquisition Michael, you've got your gold, silver, bronze and you get a couple of pieces lead... The bulk of what we're getting is gold.\"",
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      "text": "\"First, I think the majority of what we're getting is stuff that is coming off of the ADS platform... we are very well positioned to integrate these assets very easily.\"",
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      "text": "\"That's, yeah I mean like I said like in any acquisition Michael, you've got your gold, silver, bronze and you get a couple of pieces lead. Right? It's what you do with the couple of lead you make a bronze, silver and silver gold. The bulk of what we're getting is gold. There's some silver and bronze and a couple of pieces of lead. We've got to figure out what to do with the lead. But you have to take the good with the bad.\" — GFL Management (Call Transcript). \"First, I think the majority of what we're getting is stuff that is coming off of the ADS platform. ADS operates on the same operating platform as us being an operating platform called trucks. And given our experience with trucks and the integration team we have, we are believed, we are very well positioned to integrate these assets very easily.\" — GFL Management (Call Transcript).",
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      "text": "1) Based on management disclosures and 27% EBITDA margin offered on conference call. Source: GFL press release, call transcript, Bloomberg and Company financials",
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      "text": "Comparison table of GFL, ADS, RSG, WCN, WM, and WM/ADS Acquired Assets across Revenue, EBITDA, Employees, and per-employee metrics.",
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      "text": "Suspicious Waste Management Deal Guidance",
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