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  "documentTitle": "WSP Global Inc. (WSP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-04-03 00:00:00",
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  "notes": "The slide uses a table to demonstrate a pattern of financial misforecasting by the target company.",
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      "text": "WSP has cumulatively misforecast net capex by approximately $146 million since 2020. This level of misforecasting is even more surprising given it spent approximately $4.3 billion on acquisitions during the same period which significantly grew the scale and footprint of its operations.",
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      "text": "Net Capex: $145.6 million",
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      "text": "1) Includes $56.4m proceeds from divestiture.",
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      "text": "Source: WSP financial results",
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      "text": "Cumulative Net Capex Misforecasting",
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