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  "docSlug": "15fc088a6ebf",
  "documentTitle": "Tronox Incorporated (TROX)",
  "authorId": "08_Sandell",
  "authorName": "Sandell Asset Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-12-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 5,
  "pageCount": 11,
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  "slideType": "peer_benchmark",
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  "density": "dense",
  "nDataPoints": 12,
  "notes": "The chart uses a dual-axis combination of bar (cost) and line (margin) to demonstrate the inverse relationship between production cost and profitability.",
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      "kind": "callout",
      "text": "We believe that TROX post-Exxaro deal (\"New TROX\") will be the strongest player in its industry with 100% vertical integration and unparalleled free cash flow generation",
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      "kind": "chart",
      "text": "TiO2 Production Cash cost (USD) / ton vs EBITDA Margin",
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      "text": "Net debt/11EBITDA will only be 0.5x post-Exxaro deal and after paying the $12.50/share cash consideration, levered free cash flow is expected to be approximately $700 million. This implies a greater than 20% FCF yield based on a pro forma New TROX market capitalization\nNew TROX should earn sustainably higher operating margins relative to its industry peers given vertical integration as well as the fact that 100% of the company's capacity will consist of the more cost-efficient chloride process",
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      "text": "TiO2 Production Cash cost: $1,827",
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      "text": "We believe that TROX post-Exxaro deal (\"New TROX\") will be the strongest player in its industry with 100% vertical integration and unparalleled free cash flow generation",
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      "kind": "source-note",
      "text": "Source: Alembic Global Advisors.",
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      "kind": "title",
      "text": "Optimize Pro Forma Balance Sheet",
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      "evidence": "Compares New TROX against industry peers and Chinese producers across cost and margin metrics.",
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