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  "docSlug": "1bbbc8a9f010",
  "documentTitle": "Solventum Corporation (SOLV)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Fund Management",
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  "presentationDate": "2025-01-08 00:00:00",
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  "pageNumber": 19,
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  "notes": "The slide uses a 'Precedent Spin Analysis' to justify a 27% margin target for Solventum.",
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      "kind": "callout",
      "text": "It would not be unreasonable for Solventum to consider 75th percentile performance, implying a 27% margin, as an internal stretch target.",
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      "kind": "disclaimer",
      "text": "Source: Trian analysis and diligence. Note: In instances where the spun company has not yet reached its 1st or 3rd full year post-spin, consensus is used as a proxy...",
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      "text": "EBIT Margin: 19.9%",
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      "text": "Solventum's margin performance is expected to be near worst-in-class, despite what we believe are greater opportunities to right-size costs and realize savings than most spins over the last decade",
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      "text": "Precedent Spin Analysis: Margin Progression vs. Pre-Spin Pro Forma Adj. Margins",
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      "kind": "title",
      "text": "Solventum's Margins in the Context of Other Spins",
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      "evidence": "Slides 15-23 offer a solution through margin expansion, overhead cost savings, and growth, and conclude with a valuation reveal.",
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      "name": "Cost Of Inaction",
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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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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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