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  "docSlug": "798b531685a0",
  "documentTitle": "GCP Applied Technologies (GCP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2020-04-30 00:00:00",
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  "notes": "Includes a waterfall chart for margin bridge and a bar chart for revenue growth targets.",
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      "kind": "callout",
      "text": "We believe significant value can be unlocked from operational improvements.",
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      "text": "We believe that GCP can improve its EBIT margin by ~600bps on a run rate basis, more than recouping all of the deterioration that has occurred through poor performance over the last few years.",
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      "text": "We believe there are not only significant cost improvement opportunities within gross margin and operating expenses, but also opportunities to re-accelerate revenue growth in-line or better than long-term industry growth rates.",
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      "text": "EBIT margin: 600bps",
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      "text": "We believe that GCP can improve its EBIT margin by ~600bps on a run rate basis, more than recouping all of the deterioration that has occurred through poor performance over the last few years.",
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      "kind": "source-note",
      "text": "Source: GCP's public filings, Starboard estimates based in part on both GCP's an Direct Peers' prior performance, and analysis from leading consulting firm engaged in the evaluation of GCP's operations and performance. Direct Peers are as defined on pg. 8.",
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      "text": "We Believe There Are Opportunities to Significantly Improve Revenue Growth and Margins",
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