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  "documentTitle": "Dollar Tree, Inc. (DLTR)",
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  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2019-01-07 00:00:00",
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      "text": "When combined with the improved free cash flow generation of Dollar Tree and improved capital allocation policies, we believe Dollar Tree could ultimately be worth $150 per share or more.",
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      "text": "Analyst quotes from UBS and Bernstein regarding price point experiments and operational fixes.",
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      "text": "Value per Share: $120.45",
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      "text": "It is important to note that while Starboard is just one of many shareholders of the Company, we believe that it is clear that the vast majority of Dollar Tree shareholders are supportive of change and specifically are supportive of both exploring strategic alternatives for Family Dollar and testing multiple price points at Dollar Tree. Wall Street research analysts have published very critical reports calling for a sale of Family Dollar and/or the implementation of a multi-price point strategy at Dollar Tree. We have summarized some of these views below and believe that these views reflect the opinions of the majority of shareholders and the broader investor community.",
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      "text": "If Dollar Tree executes upon both of the strategic initiatives we have outlined above, there exists the potential for significant value creation. We believe the true value creation opportunity may be even more compelling based on the opportunity for further multiple or margin expansion at a standalone Dollar Tree.",
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      "text": "If Family Dollar were to be sold for 7-8x EBITDA, this would be worth an additional approximately $25 per share. When combined with the improved free cash flow generation of Dollar Tree and improved capital allocation policies, we believe Dollar Tree could ultimately be worth $150 per share or more.",
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      "kind": "quote",
      "text": "Still, the company believes there may be some opportunity to experiment with other price points if done right... Further, while it's Oops $2 and $3 price point experiment did not work, Dollar Tree believes this was more of a function of poor implementation as opposed to it being a flawed concept. — UBS, December 14, 2018; We are tired of hearing the same trite fixes (remodels, operational procedures, inventory balancing) and think investors should be as well...We are simply going to advocate for activist involvement and will work on a list of specific actions with our best estimates around what can be done. — Bernstein – September 4, 2018",
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      "text": "2020 Dollar Tree Revenue: $14,050; 2020 EBITDA: $2,750; Margin: 19.6%; Multiple: 12.0x; Enterprise Value: $33,000; Value per Share: $120.45",
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      "text": "The Time to Act Is Now",
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