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  "documentTitle": "Fortrea Holdings Inc. (FTRE)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2023-10-01 00:00:00",
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  "notes": "The slide uses a comparison table to show how closing the margin gap to peer levels could increase the implied share price from $47 to $72.",
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      "kind": "callout",
      "text": "We believe that there is significant share price upside potential at Fortrea.",
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      "kind": "disclaimer",
      "text": "Source: Starboard estimates. Starboard has identified the peers as the relevant peer set for comparing FTRE's metrics. Starboard believes these provide appropriate peer comparisons. This presentation is a determination that is subject to a certain degree of subjectivity. As the full universe of potential peers is not listed here, the comparisons made herein may differ materially if other firms had been included. (1) Based upon FTRE closing price of $29.46 on October 13, 2023.",
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      "text": "Implied Share Price: ~$72",
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      "kind": "table",
      "text": "Comparison of FY24 Exit Margins vs Peer Margins across Revenue, EBITDA, and Implied Share Price",
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      "kind": "title",
      "text": "We Believe Fortrea Can Create Significant Shareholder Value by Improving Its Profitability",
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      "name": "Cost Of Inaction",
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