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  "documentTitle": "Marathon Petroleum Corporation (MPC)",
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  "authorName": "Elliott Management",
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  "presentationDate": "2016-11-01 00:00:00",
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  "notes": "Includes a callout box explaining the depressed multiple for Casey's.",
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      "kind": "callout",
      "text": "Valuation uses CASY's current depressed multiple. Prior to missing Q1'17 earnings, CASY traded ~0.75x higher.",
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      "text": "CASY EBITDA Multiple chart showing historical trend.",
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      "text": "EBITDA multiple: $10bn",
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      "kind": "paragraph",
      "text": "Standalone Speedway valuations are supported by public comparables. We value Speedway at an average of Casey's, Murphy USA, and Couche-Tard, on both an adjusted and unadjusted basis for impact from RINs.",
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      "kind": "source-note",
      "text": "Comp EBITDA estimates based on average of DB, Jefferies, GS, BAML, and Wells Fargo models for CASY; JPM, Jefferies, Wells Fargo for MUSA; and CS and Barclays models for ATD.",
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      "kind": "table",
      "text": "Table of TEV, EBITDA, and Multiples for Casey's, Murphy USA, Couche-Tard, and Speedway.",
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      "kind": "title",
      "text": "Public Comparables for a Standalone Speedway Support a Valuation of ~$10 Billion",
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