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  "documentTitle": "Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)",
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      "text": "We believe the market is significantly undervaluing Fluor's core business",
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      "text": "Fluor EV (excl. NuScale Stake) / CY27E Consensus EBITDA vs. Primary Peers",
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      "text": "EV / CY27E Consensus EBITDA: 2.8x",
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      "text": "We believe Fluor can separate its NuScale stake via taxable or tax-free structures, either of which would unlock significant value for shareholders.",
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      "text": "Source: Public company filings, Wall Street consensus estimates, Bloomberg, Capital IQ. Market data as of October 17, 2025. (1) Please refer to prior slides with Fluor EV / CY27E Consensus EBITDA vs. Peers benchmarking.",
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      "text": "A Separation of Fluor's NuScale Stake Could Unlock Meaningful Value",
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