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  "documentTitle": "WSP Global Inc. (WSP)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-04-03 00:00:00",
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  "notes": "Uses a specific calculation (A/E) to challenge the CEO's narrative of 'disciplined' acquisition growth.",
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      "kind": "callout",
      "text": "A ratio below 100% does not signal strength and we do not believe investors should buy into the praise showered on WSP's M&A discipline by the CEO.",
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      "text": "Net Order Intake / Revenue: 91%",
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      "kind": "paragraph",
      "text": "WSP does not frequently provide revenue acquired from individual acquisitions which makes it difficult to completely assess the performance of the acquired businesses. However, there are clues that recent acquisitions have not been stellar.",
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      "kind": "quote",
      "text": "Let's now review our recent acquisitions. First off, let me say that I'm particularly pleased with the progress we have made in 2022 in becoming the undisputed leader of our industry. We have continued to be active and disciplined...",
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      "text": "Let's now review our recent acquisitions. First off, let me say that I'm particularly pleased with the progress we have made in 2022 in becoming the undisputed leader of our industry. We have continued to be active and disciplined on the acquisition front and completed 6 transactions, adding key expertise in high growth sectors such as environment and water, while expanding our offering to clients in the government space amongst others — CEO Year End 2022 Call",
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      "text": "1) See backlog discussion 8.2 in 2022 Annual Report. 2) Disclosed 2022E US$1,300M of gross revenue... 3) Disclosed in the August 10, 2022 prospectus... 4) Immaterial acquisitions that WSP spent ~$42m to acquire in 2022.",
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      "text": "2022 Estimated Acquired Net Order Intake To Run-Rate Revenue (C$ mm)",
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      "kind": "title",
      "text": "2022 Recent Deal Activity Looks Weak",
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