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  "documentTitle": "Magellan Health, Inc. (MGLN)",
  "authorId": "03_Starboard_Value",
  "authorName": "Peter A. Feld",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-02-22 00:00:00",
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  "notes": "The slide uses quotes from management to establish a baseline of intent, then uses a bar chart to demonstrate that the stated goals are insufficient compared to peers.",
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      "kind": "callout",
      "text": "Unfortunately, we believe that this plan does not go far enough as margins will still be significantly below nearly all of the Company's peers, as shown below.",
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      "text": "Bar chart showing net profit margins for ESRX, ANTM, CI, MOH, WCG, CNC, MGLN (target), MGLN (guidance), and DPLO.",
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      "text": "Net Profit Margin: 1.4%",
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      "kind": "paragraph",
      "text": "As such, management provided details for a multi-year profit improvement plan...",
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      "kind": "paragraph",
      "text": "Management appears cognizant of the Company's operational issues and bloated cost structure...",
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      "kind": "paragraph",
      "text": "While we agree that there is material unrealized earnings power within the portfolio, given the prolonged track record of poor operational execution...",
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      "kind": "quote",
      "text": "We have the solutions the market is looking for... bringing cost of goods sold... to industry norms will yield enormous upside.",
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      "kind": "quote",
      "text": "In summary, while we're not pleased with our results this year, I'm confident that our growth strategy is sound.",
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      "kind": "quote",
      "text": "\"We have the solutions the market is looking for. We have the IP. It’s just a matter of the execution to bring down admin to industry normal levels, not more, not better than the industry, but just the normal levels in the industry and also bringing cost of goods sold both in Pharmacy and MLR on the medical side to industry norms will yield enormous upside for us in the company.\" — CEO Barry Smith, 2019 Guidance Call; \"In summary, while we’re not pleased with our results this year, I’m confident that our growth strategy is sound. After transforming our business and achieving strong top line growth over the past few years, we have significant earnings power in our current portfolio as we work to increase our margins to industry competitive levels.\" — CFO Jonathan Rubin, Q3 2018 Earnings Call",
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      "kind": "source-note",
      "text": "Source: Company filings; CapitalIQ; Starboard estimates.",
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      "kind": "title",
      "text": "CY2019E Net Profit Margin",
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