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  "documentTitle": "Advance Auto Parts (AAP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2015-09-30 00:00:00",
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      "kind": "callout",
      "text": "A buyback or increased dividend will amplify the value creation opportunities at AAP",
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      "text": "The aftermarket auto parts industry is recession-resistant, and AAP could easily support additional leverage in order to fund a large dividend or buyback.\nAAP’s ongoing free cash flows could also support a large recurring dividend or share buyback program.",
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      "text": "shareholder distributions: $3.2 billion",
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      "text": "AAP has substantial capacity to return capital to shareholders through dividends or a buyback program.",
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      "text": "Moreover, AAP owns ~$1.5 billion of real estate, which could potentially be monetized to create additional value. We have not included any additional upside from real estate in our targets.",
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      "text": "Source: Public filings, Bloomberg. (1) Assumes $1.4 billion in EBITDA and $730 million in FCF before share repurchases. (2) Assumes $2.2 billion in EBITDA and $1.3 billion in FCF before share repurchases. (3) Reflects only the impact of Starboard operating and working capital improvements that would be realized in 2016.",
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      "text": "3 Return Capital to Shareholders",
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