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Chem / 2.2x CyclicalCo)", "metric": "Net Debt / EBITDA" }, { "detail": "10% CAGR assumed; $7.47 of dividends per share collected through 2017", "metric": "Dividend CAGR" }, { "detail": "33% vs. 22% expected by DuPont management in 2015", "metric": "Tax rate assumed" } ], "closingAsk": "Vote the GOLD proxy card to elect Trian's nominees to the DuPont Board at the 2015 Annual Meeting.", "extraction": { "at": "2026-04-22 16:53:56+00", "model": "unknown-legacy", "runId": null, "seconds": 91.88877, "promptVersion": null }, "scqaReward": "A sum-of-parts using a 9.9x blended NTM EV/EBITDA multiple and peer-level margins yields $121.97 per share including dividends by year-end 2017 — 86.6% upside and a ~21% IRR.", "thesisTypes": [ "breakup_spinoff", "operational_turnaround", "multiple_rerating", "governance_board" ], "top3Reasons": [ "Sum-of-parts implies $121.97/share by 12/31/17 — 86.6% upside, ~21% IRR", "DuPont carries $2-4bn of excess corporate costs hiding best-in-class segments", "Separation forces multiple re-rating to peer-benchmarked 9.9x blended EV/EBITDA" ], "scqaSituation": "DuPont is a diversified chemicals and materials conglomerate spanning high-growth agriculture/biosciences, cyclical performance materials, and commodity performance chemicals — a portfolio of best-in-class businesses wrapped inside a single consolidated entity.", "thesisSummary": "Trian argues that DuPont's consolidated conglomerate structure hides substantial value by burying best-in-class businesses under $2-4bn of excess corporate costs. Trian's sum-of-parts model, originally laid out in the September 2014 Summary White Paper, breaks DuPont into three segments — GrowthCo (Agriculture, Biosciences, Nutrition & Health), Performance Chemicals, and CyclicalCo/CashCo — benchmarks each against peers like Monsanto, Syngenta, 3M, and Huntsman, and arrives at a blended 9.9x NTM EV/EBITDA multiple. Applying 410bps of margin improvement through 2018, 2x net leverage, a 10% dividend CAGR, and a 33% tax rate yields $114.50 per share plus $7.47 of collected dividends, totaling $121.97 by year-end 2017 — 86.6% upside. 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