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Campaigns / Spruce Point Capital → GFL Environmental Inc.
Spruce Point Capital vs. GFL Environmental Inc.

GFL Environmental Inc. · GFL

1 deck published between 2020-08-18 and 2020-08-18 — 106 pages, 106 analysed slides total.

initial thesis

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2020-08-18 initial thesis

    2020 08 64e7a1221c61a77d824b7159_gfl_research_thesis_8 18 2020

    106pp · full_deck

    Spruce Point argues GFL Environmental is a 'terminal zero': a Canadian waste roll-up mimicking the Philip Services fraud playbook, with understated debt, CEO ties to organized crime, and 100% downside.