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  "documentTitle": "Advance Auto Parts (AAP)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2015-09-30 00:00:00",
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  "notes": "Includes a 'Starboard Margin Target' and 'Starboard Multiple Target' as benchmarks.",
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      "text": "Based on Starboard’s margin improvement plan, AAP trades at less than half of ORLY’s EV / EBITDA multiple",
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      "text": "Based on Starboard's margin improvement plan, AAP trades at less than half of ORLY's EV / EBITDA multiple",
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      "text": "Since AAP’s mix is slanted more towards the higher growth DIFM market, one would expect AAP to trade at a premium multiple compared to its more DIY-focused peers.",
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      "text": "Despite this margin improvement opportunity, AAP also trades at a significant discount to both AZO and ORLY.",
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      "text": "Source: Bloomberg. Market data as of September 28, 2015. (1) Includes $750 million EBITDA improvement and $1 billion working capital improvement.",
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