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  "documentTitle": "Nuvei Corp (NVEI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2021-12-09 00:00:00",
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  "notes": "Uses red boxes and underlines to highlight the discrepancy between historical claims and IPO filings.",
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      "kind": "callout",
      "text": "Spruce Point finds an old Canadian article indicating that Fayer’s Pivotal Payments had $150 million of sales in 2010 and was growing 25% to 45% per year. Fast forward to its IPO, Nuvei’s prospectus reported $150 million of sales in 2018.",
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      "text": "Founded in Montreal in 2003, the company specializing in the processing of payments made to merchants (credit, debit, etc.) now has sales of $ 150 million. The firm is growing 25% to 40% per year, says the Philip Fayer.",
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      "kind": "source-note",
      "text": "1) The C$ average exchange rate in 2010 was ~C$ 1.03 per US$. Therefore the $150m figures are approximately the same whether expressed in C$ or US$ 2) “Good Days For PaySystems Corp,” March 2002, GreenSheet.com",
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      "kind": "source-note",
      "text": "Source: “Phil Fayer, a go-getter leader,” Aug 2010, LesAffiares.com; Nuvei IPO Prospectus at Sedar.com",
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      "text": "Nuvei Revenue 2018: $150 Million (Income Statement snippet)",
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      "text": "Evidence Points To A Prolonged Period of No Growth At Nuvei",
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