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  "documentTitle": "GFL Environmental Inc. (GFL)",
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      "text": "A little more than 2 weeks before GFL acquired WCA Waste, Moody's issued a report discussing WCA's free cash flow constraints. Notably, Moody's indicated WCA's capex margin is 15%, well above the industry average. Yet, GFL's investor presentation shows WCA's capex margin at 10.5%. This is $18m of annual capex spend that GFL doesn't appear to be accurately representing. We previously illustrated that GFL has capex accounting anomalies that understate capex amounts.",
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