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Waterfall chart ($62 → $129.78) is repeated on pages 5 and 13.", "kpisCited": [ { "detail": "$62.00 (FactSet close 2/7/2022)", "metric": "RBA current stock price" }, { "detail": "$129.78 (24-month target, 100%+ upside)", "metric": "Proforma RBA stock price" }, { "detail": "$100-120M announced; Ancora sees up to $80M additional at IAA yard level", "metric": "Cost synergies" }, { "detail": "$250-780M range across cross-sell, international, financing, parts, whole-car, salvage", "metric": "Revenue synergies (EBITDA)" }, { "detail": "$350M to ~$900M combined", "metric": "Total EBITDA opportunity" }, { "detail": "25.3% vs RBA 21.7%", "metric": "IAA LTM EBITDA margin" }, { "detail": "19.2% vs RBA 12.3%", "metric": "IAA 2021 ROIC" }, { "detail": "8.6%/10.1% vs Copart 7.6%/7.3%", "metric": "IAA revenue growth 2023/2024E" }, { "detail": "+7.5% vs Copart +3.5% (LTM Dec 22 vs LTM Sep 18)", "metric": "IAA U.S. unit growth ex-GEICO" }, { "detail": "+141.6% (1.95M to 4.71M shares, 11/07/22 to 1/30/23)", "metric": "Luxor RBA stake change" }, { "detail": "+60.1% (3.18M to 5.08M shares, same period)", "metric": "IAA short interest change" }, { "detail": "249M (2013) to 283.8M (2021), +13.9%", "metric": "U.S. car parc growth" }, { "detail": "210 U.S. locations, 10,000+ acres; added 1,100+ acres (+24%)", "metric": "IAA real estate footprint" }, { "detail": "14.3% annualized vs S&P 500 10.2% (+409bps)", "metric": "Fandozzi tenure TSR" }, { "detail": "~$120M / ~$1.08 per RBA share", "metric": "RBA special one-time dividend" } ], "closingAsk": "Support the amended IAA-RBA merger at the upcoming shareholder vote and reject Luxor's counter-campaign.", "extraction": { "at": "2026-04-22 17:55:39+00", "model": "unknown-legacy", "runId": null, "seconds": 207.26384, "promptVersion": null }, "scqaReward": "Combination unlocks $350-900M of EBITDA synergies, taking RBA from $62 to ~$129.78 per share over 12-24 months — 100%+ upside — via cost cuts, cross-sell, ancillary services, and multiple rerating.", "thesisTypes": [ "activist_defense", "multiple_rerating", "operational_turnaround", "governance_board" ], "top3Reasons": [ "IAA-RBA synergies ($350-900M EBITDA) can take RBA from $62 to ~$130/share, 100%+ upside in 12-24 months", "Amended deal adds Starboard's Jeffrey Smith and Ancora's Timothy O'Day to the combined board", "Luxor doubled its RBA stake (+141%) while IAA short interest jumped +60%, suggesting a hidden short" ], "scqaSituation": "Ritchie Bros. 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Combined company's management and Board of Directors (the \"Board\") will have the necessary experience, skillsets and backgrounds to oversee integration efforts and drive synergy realizations for investors.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:19.93+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a76ec0c-87eb-4d49-9dbc-a3c64b6395fb", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.65, "x": 0.31, "y": 0.42 }, "kind": "list", "text": "Management team under CEO Ann Fandozzi is exceptionally qualified to realize benefits, synergies and long-term value creation opportunities for all stakeholders. 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