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  "docId": "019dd923-622b-71dc-a6d9-8026e9a12aa5",
  "docSlug": "30650a8e606d",
  "documentTitle": "Marathon Petroleum Corporation (MPC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-11-01 00:00:00",
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  "pageNumber": 8,
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  "density": "dense",
  "nDataPoints": 36,
  "notes": "The slide uses a 'preempt_rebuttal' style to explain why the headline consolidated multiple is misleading.",
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      "text": "Consolidated multiples are misleading due to large minority interests in much higher-multiple MLPs. Blending MPLX and MPC valuations together obscures MPC’s dramatic undervaluation. Marathon’s accounting treatment of turnaround costs further hides its undervaluation.",
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      "kind": "metric",
      "text": "TEV Multiple: 5.7x",
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      "kind": "paragraph",
      "text": "Consolidated multiples are misleading due to large minority interests in much higher-multiple MLPs. Blending MPLX and MPC valuations together obscures MPC's dramatic undervaluation. Marathon's accounting treatment of turnaround costs further hides its undervaluation.",
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      "kind": "source-note",
      "text": "(1) EBITDA estimates are average (where covered) of Barclays, CS, JPM, and MS refining analyst models. (2) EBITDA excludes turnaround expense for MPC to align accounting methodology with VLO and HFC (who capitalize turnaround costs). (3) Minority interest in logistics MLP is taken at market value for LP units held by public. Treats Series A convertible preferred and Class B units as converted for MPLX.",
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      "kind": "table",
      "text": "Comparison table of TEV multiples and EBITDA adjustments for Marathon, Valero, and HollyFrontier.",
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      "kind": "title",
      "text": "Consolidated Multiples and Marathon's Expensing of Turnaround Costs, Unlike Peers That Capitalize, Obscures This Valuation Gap",
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      "evidence": "Direct comparison of valuation multiples across three peer companies.",
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      "evidence": "The deck identifies Marathon's undervaluation as a problem",
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      "evidence": "The deck uses a logic chain to explain the contradiction in Marathon's valuation",
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