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  "docSlug": "062cb2b9b6a4",
  "documentTitle": "Nuvei Corp (NVEI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-09 00:00:00",
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  "pageCount": 119,
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      "text": "We call on Nuvei to explain how Smart2Pay experienced such dramatic margin improvement",
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      "text": "eCommerce has been a growing focus of Nuvei, and the Company regularly reports its growing percent of volumes from this area: from 72% in Q1’20 to 83% in Q3’21...",
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      "text": "North American eCommerce Driving Results But Beware: Nuvei’s North American eCommerce Leader Has Connections Controversial People",
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      "text": "Concerns With Smart2Pay And its 2,000bp+ Margin Expansion",
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      "text": "Nuvei says it entered into a purchase agreement to acquire Smart2Pay on May 17, 2020. Yet, according to the Wayback Machine, Smart2Pay was already listed as “A Nuvei Company” in advance of the purchase agreement being signed...",
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      "text": "share price downside: 40% - 60%",
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      "text": "Spruce Point Estimates 40% - 60% ($39 - $58/sh) Downside Risk To Nuvei Corp (NVEI) Share Price",
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