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  "documentTitle": "Lamb Weston Holdings, Inc. (LW)",
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  "authorName": "Jeffrey Smith",
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      "text": "We believe the Company should introduce a 25% EBITDA margin target as a medium-term goal, with the appropriate budgeting and incentives.",
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      "text": "We believe that expanded cost savings focused on SG&A opportunities, combined with a thoughtful divestiture of under-earning APAC operations, provide a clear path to restoring Lamb Weston's EBITDA margins to 25%.",
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      "text": "In addition to cost optimization, we believe the Board should undertake a focused strategic review of the Company's international portfolio, particularly certain APAC operations.",
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      "text": "Lamb Weston remains a strong business with durable competitive advantages in a concentrated industry.",
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      "text": "Mike, we greatly appreciate the hard work so far and are thrilled to be able to buy a substantial position at this valuation. We believe a valuation of 6.7x EV/ NTM EBITDA, proforma for a 25% EBITDA margin, is extremely attractive.",
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      "text": "In our view, a $500 million total cost reduction program is both achievable and necessary to ensure that margin expansion reflects not only improved industry conditions, but also durable structural discipline.",
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      "text": "Source: Bloomberg. Note: Includes Starboard's estimated earnings contribution from APAC.",
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