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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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  "pageNumber": 65,
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  "nDataPoints": 12,
  "notes": "Uses a map-based layout to overlay bar charts for North America, EMEA, LatAm, and APAC.",
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      "text": "We believe GCP can improve margins by reallocating resources to more attractive geographies.",
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      "kind": "chart",
      "text": "Regional '15 - '19 Revenue CAGR - GCP vs. Peers",
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      "text": "Source: GCP's and Direct Peers' public filings, Starboard estimates and analysis from a leading consulting firm engaged in the analysis of GCP's operations and performance. (1) GCP revenues exclude Darex Packaging. Peers include SIKA, SGO, and CSI. Construction Materials as revenue by geography was not available for SGO's Construction Products segment. Peers reflect Starboard's assessment of what firms can reasonably be considered GCP's peers in the construction chemical and building products induries. However, this analysis contains elements of subjectivity and the comparisons made herein may differ materially if different firms had been included. (2) 2015 revenue contribution by region assumed to be the same as in 2016 as CSL did not report regional contribution by segment prior to 2016. (3) Represents total revenue for USA only. (4) Represents Americas revenue less revenue from USA.",
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      "kind": "legend",
      "text": "Only region where GCP has had a positive revenue CAGR since spin off",
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      "text": "Revenue CAGR",
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      "kind": "paragraph",
      "text": "Since spinning off from W.R. Grace, we believe GCP has lost market share to competitors. While competitors have managed to grow through a combination of organic efforts and acquisitions, GCP has had the opposite trajectory, with sales declining outside of North America due to operational struggles and market exits. Based on conversations with former employees, competitors, and customers, we believe there are short-term and long-term steps the Company can take to reinvigorate the organization and take back market share.",
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      "kind": "title",
      "text": "GCP Has Lost Market Share in Key Geographies",
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