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  "documentTitle": "Algonquin Power & Utilities Corp. (AQN)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "shareholder-letter",
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  "presentationDate": "2023-07-06 00:00:00",
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  "notes": "This is a text-heavy shareholder letter page outlining a strategic plan.",
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      "text": "Reduce leverage to industry-standard levels of approximately 5x gross leverage.",
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      "text": "As we have discussed, investors and ratings agencies will consider a number of factors... EPS estimate is based on information obtained from sources believed to be reliable...",
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      "text": "1. Reduce leverage to industry-standard levels of approximately 5x gross leverage. 2. Improve EPS as much as possible, so that the dividend payout ratio is in-line with peers, with room for increases. We believe a target of 75 cents in FY 2025 EPS is achievable.",
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      "text": "EPS: 75 cents",
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      "text": "Algonquin's valuation has been hampered by a number of factors, most notably excessive leverage and a high dividend payout ratio.",
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