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  "documentTitle": "General Electric (GE)",
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  "presentationDate": "2015-10-05 00:00:00",
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      "text": "Trian recommends ~$20 billion in incremental net leverage by 2018",
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      "text": "(1) Reflects GE Industrial net debt of $3.5 billion as of June 30, 2015 per Company SEC flings, which represents approximately 02x LTM GE Industrial EBITDA. EBITDA refers to earnings before interest, taxes, depreciation, amortization and non-recurring items.",
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      "text": "Leadership approach to capital structure among industrials; Better monetizes GE's stable servicing revenues; Strong investment grade credit; Should not restrict M&A opportunities; Alternative structures (JVs, IPOs)",
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      "text": "Prudent Leverage is Desirable: Provides a more balanced growth algorithm that relieves pressure on the income statement, Improves earnings growth profile, Lowers cost of capital",
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      "text": "GE Is a Strong Credit: Attractive businesses & assets, Leading market positions & strong brand, Diversified, Limited earnings cyclicality, Strong cash flow profile",
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      "text": "2. Efficient Capital Structure: We Believe an Efficient Capital Structure Can Drive Better Returns with Low Risk",
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