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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2015-04-16 00:00:00",
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  "notes": "Includes a callout box emphasizing the flexibility of the separation strategy based on management performance.",
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      "kind": "callout",
      "text": "The Summary White Paper contemplated a separation of the portfolio as a means to an end to increase the probability that the individual businesses eliminate operational underperformance vs. peers and achieve a multiple re-rating.",
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      "kind": "disclaimer",
      "text": "(1) The Open Letter to the DuPont Board... (2) EBITDA is defined... (3) Current NTM EV/EBITDA... (4) Trian estimates that consolidated DuPont is burdened by $2-4bn of excess corporate costs... (5) See the Company's Investor Presentation...",
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      "text": "The Key Assumptions for Trian’s Analysis in its Summary White Paper were as follows: Valuation: 9.9x blended next twelve months (NTM) Enterprise Value (EV)/EBITDA multiple(2); Best-in-class operating performance; Prudent Leverage; Focus on Returns; Tax Rate",
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      "text": "When Trian issued its Summary White Paper (September 2014), Trian arrived at an implied target value per share in excess of $120(1) by the end of 2017, a 21% internal rate of return (IRR) for shareholders holding DuPont stock during this period",
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      "text": "NTM EV/EBITDA multiple: $120",
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      "kind": "title",
      "text": "Trian’s Investment Thesis For DuPont",
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