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  "documentTitle": "Solventum Corporation (SOLV)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Fund Management",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-01-08 00:00:00",
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  "pageNumber": 14,
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  "slideType": "peer_benchmark",
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  "density": "dense",
  "nDataPoints": 14,
  "notes": "The chart highlights the valuation gap between Solventum and its peers, suggesting the market is underestimating its earnings potential.",
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  "slideHref": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/14",
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      "kind": "callout",
      "text": "Solventum trades at a lower multiple than each of its subsidiary peer groups, and it even trades at a discount to 3M, of which Solventum was historically the best performing part.",
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      "kind": "chart",
      "text": "NTM Price / Earnings Per Share Multiple",
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      "kind": "metric",
      "text": "NTM Price / Earnings Per Share Multiple: 12.6x",
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      "text": "Solventum trades at a lower multiple than each of its subsidiary peer groups, and it even trades at a discount to 3M, of which Solventum was historically the best performing part. These depressed valuations are capitalizing consensus expectations for significantly lower earnings than what we believe this business should be generating.",
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      "kind": "source-note",
      "text": "Source: Company filings, FactSet, equity research, Trian analysis. Note: Dental peers include Dentsply-Sirona and Envista. US Large Cap Value Med Tech peer group includes Baxter, Zimmer Biomet, GE HealthCare, Teleflex, Medtronic, Hologic and Becton Dickinson. MedSurg peers include Baxter, Teleflex, ICU Medical, Becton Dickinson, Steris, Smith & Nephew and Convatec. Health Info Systems peers include IQVIA and Craneware. Purification & Filtration peers include Sartorious, Donaldson, Danaher, Repligen and Xylem. (1) 3M EBITDA multiple is adjusted to include announced litigation settlements.",
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      "kind": "title",
      "text": "Instead, Solventum Now Trades at a Discount to Each of its Subsidiary Peer Groups",
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      "evidence": "Comparing Solventum's valuation multiples against peer groups to highlight a discount.",
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      "beatName": "Agitate (Make it worse)",
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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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      "confidence": 0.9,
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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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      "evidence": "Slides 11-15 show the decline in Solventum's performance after spinning out of 3M.",
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      "objective": "The before-after loop highlights the contrast between Solventum's performance before and after spinning out of 3M.",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
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