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  "docSlug": "4f6943324269",
  "documentTitle": "Fortrea Holdings Inc. (FTRE)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "conference-presentation",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-10-01 00:00:00",
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  "slideType": "valuation_table",
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  "notes": "The chart uses a bridge-like logic to show how Fortrea's valuation multiple would compress if it achieved peer-level margins, implying it is currently undervalued.",
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      "kind": "callout",
      "text": "Low growth and depressed margins",
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      "text": "Fortrea presents an attractive risk / reward with considerable upside potential at normalized margins.",
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      "kind": "chart",
      "text": "EV / CY24 EBITDA Multiples",
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      "kind": "disclaimer",
      "text": "Source: CapIQ, Bloomberg, and Starboard estimates. As of October 13, 2023.",
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      "kind": "legend",
      "text": "Peer Median: 13x",
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      "kind": "title",
      "text": "Fortrea Trades at an Attractive Valuation Relative to Peers Considering the Margin Improvement Potential",
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      "name": "Cost Of Inaction",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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