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  "documentTitle": "General Electric (GE)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2015-10-05 00:00:00",
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  "pageNumber": 68,
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  "notes": "The chart uses a waterfall structure to build up from individual capital sources to a total 'Trian Case' capital return.",
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      "kind": "callout",
      "text": "We believe GE can return more than 40% of its current ~$260bn market cap to shareholders by 2018",
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      "text": "Potential Capital Returned to Shareholders, 2H15 – 2018 ($ billion)",
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      "text": "Capital Return: $110bn",
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      "text": "In addition to the already announced capital return plans (base case), we believe management should utilize proceeds from incurring incremental leverage and other capital sources to buy back its undervalued shares",
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      "kind": "source-note",
      "text": "Source: Company SEC filings, press releases, presentations and transcripts. (1) Potential capital return for Synchrony exchange, GE Capital exit and dividends per April 10, 2015 GE Capital Strategy presentation (excludes an estimated $5 billion of dividends expected to be paid in 1H 2015). (2) Reflects financial debt capacity at 2.00x adjusted debt (including postretirement and lease obligations) to adjusted EBITDA. See calculation on page 62. (3) Reflects potential 10% premium to expected cash proceeds of $35 billion for GECC asset sales based on Trian's estimated expected value ($35 billion implies ~1.1x TBV).",
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      "text": "We Believe GE Can Return Over 40% of its Market Cap to Shareholders by 2018",
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