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  "docSlug": "30650a8e606d",
  "documentTitle": "Marathon Petroleum Corporation (MPC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
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  "presentationDate": "2016-11-01 00:00:00",
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  "notes": "Uses a split-screen comparison to highlight the accounting distortion of including 100% of MPLX debt/cap in the MPC valuation.",
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      "kind": "callout",
      "text": "Not all owned by MPC shareholders.",
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      "text": "Fully Consolidated EBITDA Multiple 6.9x vs Actual EBITDA Multiple 5.7x",
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      "text": "EBITDA Multiple: 5.7x",
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      "text": "MPC ownership % of MPLX reflects dilution from Series A convertible preferred (excludes 2% GP interest) and Class B units treated as converted.",
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      "kind": "title",
      "text": "Actual EBITDA Multiple Is the True Way to Understand Valuation; Fully Consolidated Multiple Is Greatly Distorted by Including Unowned Portion of High Multiple MLP",
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      "evidence": "The deck uses a logic chain to explain the contradiction in Marathon's valuation",
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