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  "documentTitle": "Marathon Petroleum Corporation (MPC)",
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  "notes": "Uses a stacked bar chart to contrast purchase multiples vs. fully synergized multiples against the valuation benchmarks of Speedway and Marathon.",
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      "text": "Standalone Speedway's valuation would open M&A as an accretive source of growth. Marathon's valuation multiple makes doing accretive acquisitions impossible.",
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      "text": "All of the below transactions would likely have been accretive for Speedway over time after taking into account synergies. Within Marathon, every single one of the deals would have been dilutive.",
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      "kind": "title",
      "text": "Standalone Speedway Can Capitalize on Consolidation Opportunity",
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