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  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-03-18 00:00:00",
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  "pageNumber": 8,
  "pageCount": 13,
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  "slideType": "valuation_table",
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  "density": "dense",
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  "notes": "The slide highlights the conglomerate discount by comparing the current trading multiple (6.6x) to the SOTP valuation (8.4x) and peer segment multiples.",
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  "slideHref": "/slides/019dd923-622b-71dc-a6d8-cc2488122e5f/8",
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      "kind": "callout",
      "text": "Despite attractive assets, Phillips' inefficient conglomerate structure means it trades near the multiple of its lowest-valued segments and at a discount to its sum-of-the-parts value.",
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      "kind": "chart",
      "text": "TEV/EBITDA (2026E) comparison of peers and PSX",
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      "kind": "metric",
      "text": "TEV/EBITDA: 6.6X",
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      "subkind": "primary",
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      "kind": "paragraph",
      "text": "PSX EBITDA MIX: Midstream 38%, Chemicals 15%, Refining 29%, M&S 18%",
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      "kind": "source-note",
      "text": "Source: Bloomberg. Note: See appendix of Elliott's Streamline66 presentation as of February 11, 2025 for valuation details.",
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      "kind": "title",
      "text": "DESPITE ITS ATTRACTIVE ASSETS, PHILLIPS TRADES AT A SIGNIFICANT DISCOUNT",
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      "evidence": "Slides 7-9 critique the current structure and performance of Phillips 66",
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      "position": 0,
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