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  "documentTitle": "GFL Environmental Inc. (GFL)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Uses a 'Reality Check' framework to juxtapose management claims against third-party credit analysis.",
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      "text": "From two independent third-party credit rating agencies, we see a less optimistic view about the potential and history of WCA Waste. Moody's describes WCA as “disjointed operating footprint and lower margins”. S&P points out that it expects WCA’s total revenues to contract for 2020, a fact that GFL did not highlight to investors.",
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      "text": "From two independent third-party credit rating agencies, we see a less optimistic view about the potential and history of WCA Waste.",
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      "text": "As a vertically-integrated waste management company... WCA's collection revenues stemming from commercial customers is rather low, further restricting overall margins.",
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      "text": "A weak domestic macroeconomic environment will likely hurt collection and disposal volumes... WCA will likely experience significantly lower organic volumes during the second quarter and potentially even later on...",
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      "text": "“And under the watch of Bill Caesar really done a great job of putting in multiple disciplines with that business in transforming that business really over the last 7, 8-years.”",
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      "text": "\"And under the watch of Bill Caesar really done a great job of putting in multiple disciplines with that business in transforming that business really over the last 7, 8-years.\" — Patrick Dovigi, GFL CEO. \"disjointed operating footprint and lower margins\" — Moody's. \"WCA will likely experience significantly lower organic volumes during the second quarter and potentially even later on, which could cause total revenue to contract for the full year.\" — S&P.",
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      "text": "Source: Moody's, “WCA Waste Corporation: Update to credit analysis - Pricing and acquisitions boosting earnings but growth spending constraining free cash flow”, July 27, 2020",
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      "text": "Source: WCA Waste: S&P Alters Outlook To Negative, Affirms B+, July 1, 2020",
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      "text": "WCA Deal of Desperation",
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