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  "documentTitle": "GCP Applied Technologies (GCP)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2020-05-11 00:00:00",
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  "notes": "Uses a CEO quote to establish a baseline expectation that was not met.",
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      "text": "Our Board nominees would hold SBM to a higher standard and demand better oversight and execution.",
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      "text": "Actual SBM Adjusted EBIT Margins Have Been Disappointing",
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      "text": "Shareholders should disregard the Board's erroneous and misleading benchmarking on SBM. We believe the business has great and exciting potential, with the right level of investment and under better supervision.",
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      "text": "These are all high-margin specialty applications...You can see the margins for construction are best in class here running from 23%, to just under 26%. We maintain these margins because of the specialty nature of the product, the distribution network, and the fact that their specified for high-end applications.",
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      "text": "“These are all high-margin specialty applications...You can see the margins for construction are best in class here running from 23%, to just under 26%. We maintain these margins because of the specialty nature of the product, the distribution network, and the fact that their specified for high-end applications.” — Greg Poling, President & CEO, May 2016",
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      "kind": "title",
      "text": "A More Appropriate Measure of SBM's True Operating Capabilities is Management's Own Targets Before Era of Underperformance",
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