Investment Research report

GFL Environmental, Inc.

NYSE:
GFL
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GFL Environmental, Inc.
Green for Life, Red For Losses
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Research Overview

INDEX:
S&P 500
Sector:
Industrials
Position:
Short
Date:
Aug 18, 2020

After conducting a forensic financial and accounting review, Spruce Point believes shares of GFL Environmental (TSX/NYSE: GFL), a cash-degenerative North American roll-up of environmental service companies, are worthless after the Company has fostered what appears to be an extremely aggressive and opaque business model. Based on our investigation, we estimate that shares face up to 100% downside risk.

The report highlights several key concerns with the company, including:

  • We find that GFL has obfuscated executives’ failures and ties to multiple controversial individuals- including those linked to organized crime
  • We view GFL as an opaque and unsustainable roll-up which is failing to grow free cash flow and to provide an accurate depiction of its leverage
  • Evidence of aggressive accounting and reporting of revenue, EBITDA, cash flow, adjusted EPS and CapEX – pointing to financial control issues
  • Evidence that that H1 2020 adjusted free cash flow may be 60% lower than it appears
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