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  "documentTitle": "Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)",
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  "presentationDate": "2025-10-17 00:00:00",
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  "notes": "The chart highlights a specific event (NuScale IPO) and a median line to emphasize the valuation gap.",
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      "text": "We believe the market is not giving Fluor credit for its substantial transformation",
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      "text": "EV (excl. NuScale Stake Post-Tax) / NTM EBITDA Since David Constable's CEO Tenure",
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      "text": "Today, Fluor has a stronger contract mix, greater exposure to high-growth markets, and an opportunity to meaningfully improve EBITDA, yet its valuation, excluding its stake in NuScale, is lower than four years ago.",
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      "text": "Source: Public company filings, Capital IQ. Market data as of October 17, 2025.",
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      "kind": "title",
      "text": "...And its Historical Trading Multiple, Despite Improved Fundamentals",
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