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  "documentTitle": "The Bank of New York Mellon (BK)",
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  "notes": "The table calculates 'Adj. Value Per Share' by applying a 15x P/E multiple to 'PF Cash EPS' and adding cumulative dividends.",
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      "text": "By restoring BK’s earnings trajectory to its potential and eliminating the “credibility discount” created from years of stagnant earnings and missed targets, significant shareholder value can be created",
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      "text": "Source: Company filings, Marcato estimates. (1) At 10% revenue CAGR (high-end of State Street's long-term organic revenue goal) and PF 35% pre-tax margins under Marcato Plan. Assumes incremental net income enables 10mm of incremental cumulative share repurchases by 2017",
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      "text": "Marcato Proposal: Total Value Creation Opportunity",
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