{
  "docId": "019dd923-622c-750b-8b98-f7d835dc2a36",
  "docSlug": "0a3a22290f60",
  "documentTitle": "GFL Environmental Inc. (GFL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-08-18 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 96,
  "pageCount": 106,
  "prevPage": 95,
  "nextPage": 97,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "Uses red circles and lines to visually connect conflicting data points across three different financial data sources.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-f7d835dc2a36/96",
  "deckHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36#slide-96",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "callout",
      "text": "The market does not have the correct share count or debt burden of GFL as evidenced by multiple data providers using different share counts and debt. We also believe GFL's depiction of its Total Gross Debt understates its true leverage. See: True Leverage. In total we believe GFL's enterprise value is off by $1.2 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c9b8342d-a55a-4842-86ea-a0c841cda74a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "In total we believe GFL's enterprise value is off by $1.2 billion",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bca8-6e7680f4f195",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "enterprise value: $1.2 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bca8-737b46961cc3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.45,
        "x": 0.05,
        "y": 0.6
      },
      "kind": "table",
      "text": "GFL Environmental Q2 Results Net Leverage Calculation",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4111df0d-85d1-487b-ab64-285adae77c32",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.52,
        "y": 0.6
      },
      "kind": "table",
      "text": "Bloomberg Market Data",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "765add59-5a20-4a02-9dc6-369e9022a0aa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.52,
        "y": 0.27
      },
      "kind": "table",
      "text": "Capital IQ Current Capitalization",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82b84416-694a-453d-aba3-cb281d3ee987",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.05,
        "y": 0.27
      },
      "kind": "table",
      "text": "Yahoo Finance Balance Sheet and Share Statistics",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "92d24774-0035-4c03-b0c1-322bdf822571",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "The Market Miscalculates GFL's Valuation And Leverage",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7c6fa938-1d23-45cf-9ad3-b9a5b38aea14",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "beacedaa-f2f7-48ed-a599-7e7d6cc217e6",
      "evidence": "Exposing discrepancies in financial reporting to argue for valuation mispricing.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}