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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2014-03-31 00:00:00",
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      "text": "New Red Lobster’s valuation will be hindered by its poor performance. It may trade at one of the lowest, if not THE lowest, multiples in the casual dining industry.",
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      "text": "Red Lobster, as a standalone public Company, given its lack of unit growth, declining same-store-sales, declining margins, and commodity price headwinds, is likely to trade at a substantial discount to casual dining peers.",
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      "text": "EBITDA multiple: 7x",
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      "text": "We believe, and sell-side analysts appear to agree, that a standalone Red Lobster would have trouble attracting an investor base.",
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      "text": "We find it difficult to believe many long only investors would have any interest in a standalone RL and believe it would likely trade at the lowest EBITDA multiple within the restaurant universe (less than 7x). — UBS, March 3, 2014",
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      "text": "Our assumption is that RL will assume half of the debt for DRI, which is roughly $1.25B. Applying a 6x EV/EBITDA multiple would give us an EV slightly less than $2B, which is $5 per share for RL. — Buckingham, March 21, 2014",
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