{
  "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": 97,
  "pageCount": 106,
  "prevPage": 96,
  "nextPage": 98,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 36,
  "notes": "The slide uses analyst consensus to argue that the market's expectations are already capped, supporting a bearish thesis.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-f7d835dc2a36/97",
  "deckHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36#slide-97",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe, based on our rigorous investigation, that GFL's financial objectives are highly likely to fall short of expectations.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bca8-86b7a588fd9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Price Target: +17%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bca8-8ab53c688910",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Sell-side analysts are generally bullish on GFL, and take management's narrative at face value that GFL is a value-accretive roll-up with more room to expand through acquisitions. In addition, sell-side analysts believe GFL's story that margins will expand as it defines a path towards profitability. Analysts give GFL full credit for the WM and WCA deals despite the DOJ regulatory approval risks the persist. We believe, based on our rigorous investigation, that GFL's financial objectives are highly likely to fall short of expectations.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0aeb61d1-70fa-47e6-bd3c-82c3b5348d64",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.18,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Upside based on $21.23/share and C$1.34 rate for analysts with C$ targets",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "000e2731-6bb0-40d9-825c-fa3518484aaf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.58,
        "w": 0.64,
        "x": 0.18,
        "y": 0.32
      },
      "kind": "table",
      "text": "Broker, Rating, Price Target table for GFL",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4dbd0356-adcf-4735-8fbe-cf098996c690",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Little Upside Seen In The Stock Even Among Bullish Analyst Base",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9bdd3f41-d4fc-4610-81d7-d57bacedbf22",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}