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  "docId": "019dd923-622b-71dc-a6db-81a8a09bae5a",
  "docSlug": "1bbbc8a9f010",
  "documentTitle": "Solventum Corporation (SOLV)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Fund Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-01-08 00:00:00",
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  "pageNumber": 13,
  "pageCount": 25,
  "prevPage": 12,
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  "slideType": "precedent_table",
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  "density": "dense",
  "nDataPoints": 88,
  "notes": "The slide uses a table to contrast analyst expectations at the time of the spin-off announcement against current market pricing to argue for undervaluation.",
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  "slideHref": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/13",
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      "kind": "callout",
      "text": "Even at the low-end of estimates, JPM thought the company's equity would be worth ~70% more than where it trades today",
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      "text": "3M research analysts originally modeled this business generating approximately $2.5 billion of EBITDA, well above the $1.9 billion of EBITDA that analysts currently expect for 2025. These estimates were published prior to disclosure of the hundreds of millions of 3M corporate expenses which were previously allocated to Health Care and retained at 3M, which burdened that $2.5bn of EBITDA. A standalone structure should cost significantly less, implying that original estimates for Health Care’s standalone EBITDA could have been even higher",
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      "text": "Implied Share Value: $144",
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      "kind": "source-note",
      "text": "Source: Company filings, 3M filings and transcripts, FactSet, equity research, Trian analysis. Note: Where analysts did not make a net debt assumption, we assumed 3.5x leverage, in line with the high end of 3M's guidance. Share counts are based on the current share count. All estimates were made between September 2022 (after the Food Safety divestiture closed) and December 2023.",
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      "kind": "table",
      "text": "Original Equity Research Valuation Estimates for 3M Health Care ($bn, except per share)",
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      "kind": "title",
      "text": "3M Analysts Thought Solventum Would Be Spun Out at a ~$145 Share Price",
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      "evidence": "Slides 6-14 show Solventum's poor performance compared to peers and historical performance, and highlight the company's margin deterioration.",
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      "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
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      "objective": "The cost of inaction is a decline in shareholder value.",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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