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  "docSlug": "917aed929317",
  "documentTitle": "Phillips 66 (PSX)",
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  "presentationDate": "2025-04-28 00:00:00",
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  "notes": "The slide uses analyst quotes to reinforce the 'conglomerate discount' thesis.",
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      "text": "We expect Phillips 66 will continue to trade at the multiple of its lowest-valued segment.",
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      "text": "TEV / EBITDA (2026E) vs. Peers",
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      "text": "Note: See appendix for valuation details. (1) Refining peers reflect VLO... (2) Sum-of-the-Parts multiple presented here represents the weighted average...",
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      "text": "TEV / EBITDA: 6.1x",
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      "kind": "quote",
      "text": "[The] question we often get is, can you get full credit for the value of a midstream business that should deserve, a much higher multiple embedded in a diversified company...",
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      "text": "[There] is no value for refining in PSX at current levels...This has periodically opened debate on whether PSX should be viewed on a Sum Of The Parts basis...",
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      "text": "\"[There] is no value for refining in PSX at current levels...This has periodically opened debate on whether PSX should be viewed on a Sum Of The Parts basis; but as no part of its assets are public, and with no obvious intent to monetize individual assets and disposal / deleveraging plans...\" — Wolfe Research, January 2, 2025; \"[The] question we often get is, can you get full credit for the value of a midstream business that should deserve, a much higher multiple embedded in a diversified company that's often perceived to be a refining company?\" — Goldman Sachs, January 7, 2025",
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      "text": "PSX EBITDA breakdown by segment",
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      "text": "We expect Phillips 66 will continue to trade at the multiple of its lowest-valued segment.",
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      "kind": "title",
      "text": "CONGLOMERATE STRUCTURE: VALUE IS CLEARLY TRAPPED",
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