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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": 89,
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  "slideType": "comparison_table",
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  "density": "balanced",
  "nDataPoints": 2,
  "notes": "Uses a side-by-side comparison framework to highlight capital allocation inefficiency.",
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      "kind": "callout",
      "text": "We believe GCP's current investment priorities require re-balancing.",
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      "text": "Deploy capital into GCP's SBM business, which has higher returns and is differentiated. Specialized market where GCP is sought out for product quality. Higher operating margin (~20%). Lower capital expenditure requirements.",
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      "text": "GCP deploys an outsized amount of its R&D and capital spending towards its SCC segment. Less specialized, price sensitive business where many peers have a scale advantage. Lower operating margin (~10%). Higher capital expenditure requirements.",
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      "text": "According to our research, GCP has a significant R&D and capital expenditure imbalance between its SCC and SBM businesses.",
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      "kind": "source-note",
      "text": "Source: GCP's public filings, presentations and transcripts.",
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      "kind": "title",
      "text": "We Believe GCP Needs to Balance Investments in SCC and SBM",
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