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  "documentTitle": "WSP Global Inc. (WSP)",
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  "notes": "Uses a direct quote from an earnings call to contradict management's narrative.",
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      "text": "Spruce Point estimates that WSP's 2023 net order intake relative to acquired run-rate revenues looks even weaker at 83% vs. 91% for the deals acquired in 2022. The CEO recently commented that the acquisition pipeline is not weak. However, the next slide will detail our concerns with recent 2024 acquisitions.",
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      "text": "Spruce Point estimates that WSP's 2023 net order intake relative to acquired run-rate revenues looks even weaker at 83% vs. 91% for the deals acquired in 2022.",
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      "text": "Net Order Intake / Revenue: 83%",
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      "text": "1) See backlog discussion 8.2 in 2023 Annual Report. We sum the net order intake across all regions except the divested Americas because the acquisitions were all international\n2) WSP disclosed $290m of acquired revenue for 2023 with the deals completed in H1 2023. We conservatively double the revenue contribution to estimate full year contribution.",
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      "text": "\"My question is just on your M&A pipeline. You had a very busy first half in '23, but it seems like the pace of M&A has slowed and maybe just talk through that. I know it's lumpy, but is there a lack of appropriate targets out there, factor valuation? Just maybe some thoughts there.\" — CIBC Analyst; \"No, no, absolutely not. I think it's not about the weak pipeline or the weak backlog of potential acquisitions.\" — CEO L'Heureux",
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      "text": "Source: Year End 2023 Earnings Call",
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      "text": "M&A Questions On Year End 2023 Call",
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      "text": "2023 Deal Activity Looks Even Weaker",
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