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  "docSlug": "02937c7c09c0",
  "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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  "notes": "The chart uses a waterfall-bridge structure to illustrate the incremental value added by specific strategic initiatives.",
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      "text": "Starboard believes AAP could be worth in excess of $350 per share",
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      "text": "Based on our plan, AAP could be worth ~$360 per share, more than double today’s price.\nIf AAP achieves ORLY’s level of profitability and trades at ORLY’s multiple, the implied price is in excess of $420 per share.",
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      "text": "Source: Bloomberg. (1) PF 2015 Margins... (2) Assumes $1 billion improvement... (3) Includes 5% SSS improvement... (4) Assumes 14.5x multiple... (5) Assumes $1 billion share repurchase... (6) Compares to current AAP multiple...",
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