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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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      "kind": "callout",
      "text": "Then why have recent deals been heavily in the U.S.? Based on our research, we believe GFL is reaching up against potential antitrust / competitive issues and market saturation in Canada.",
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      "text": "130 acquisitions: show me the math on the organic growth or are you just taking management's word for it?",
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      "text": "Perhaps valuation discount exists because GFL management are poor at operations?",
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      "text": "Impossible to evaluate the parts when few details about the acquisition parts are provided!",
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      "text": "Any specifics and why hasn't this been achieved over the past few years? What has GFL been doing all this time?",
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      "text": "Spruce Point finds little independent evaluation of management's claims from the sell-side analysts, whom are compensated with lucrative fees for assisting GFL with financing and M&A advisory fees to implement its roll-up.",
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      "text": "GFL Environmental Inc. (Overweight; Price Target $21.00) Investment Thesis. We rate GFL Overweight with a Dec-20 price target of US$21...",
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      "text": "GFL's growth has been driven by acquisitions with strong organic growth over the past two years. The company has completed nearly 130 acquisitions since 2007, including eight in Q1/20...",
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      "text": "Spruce Point finds little independent evaluation of management's claims from the sell-side analysts, whom are compensated with lucrative fees for assisting GFL with financing and M&A advisory fees to implement its roll-up.",
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      "text": "We believe that GFL is relatively better insulated from COVID-19 volume declines due to a significant portion of its revenues coming from residential customers and fewer landfill assets which translates into less decremental margins. We continue to see a pathway for GFL to improve its margins and FCF every year over our forecast period, driven by still strong pricing, cost rationalization, and a larger solid waste footprint. — JP Morgan",
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      "kind": "title",
      "text": "Bull Case Narrative Is All \"Trust Me\" Fluff",
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