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  "documentTitle": "Keynote address",
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  "notes": "The slide uses a combination of a bar chart showing P/E differentials by segment count and two waterfall-style charts showing pre- and post-spin valuation multiples.",
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      "text": "~1-3 turn premium for more pure play firms vs. the more diversified",
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      "text": "MULTIPLES FOR TRANSACTIONS THAT HIGHLIGHT HIGHER GROWTH SEGMENTS",
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      "text": "VALUATION MULTIPLES PRE- AND POST-SPIN",
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      "text": "While investors prefer transparency, there may be valuation overhang in operating an overly diversified set of businesses. Median of pure-play firms traded ~1 P/E turn higher than the median of the more diversified firm over the last ~14 years; today that premium is over 3x. Companies with five or more reported segments typically trade at significant discounts relative to the market throughout the cycle, even during downturns.",
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      "text": "EV/EBITDA multiple: 11.1x",
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      "text": "Source: Bloomberg, FactSet as of 12/31/2023; Note: S&P 500 data excludes Financials and Real Estate; Y-axis is the difference between the median multiple of all firms in the S&P 500 and the median multiple of firms with certain number of segments",
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      "text": "Strategies that result in the creation of “pure play” entities typically create value for shareholders",
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