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  "docSlug": "15fc088a6ebf",
  "documentTitle": "Tronox Incorporated (TROX)",
  "authorId": "08_Sandell",
  "authorName": "Sandell Asset Management",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-12-01 00:00:00",
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  "pageNumber": 6,
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  "nDataPoints": 30,
  "notes": "Includes a highlighted section for dividend and total share value.",
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      "text": "We believe New TROX could easily lever up to 1.0x – 1.5x on a mid-cycle EBITDA basis and subsequently dividend the cash proceeds to shareholders while still maintaining strong credit metrics",
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      "kind": "disclaimer",
      "text": "Note: Mid-cycle/midpoint EBITDA, net debt data as per TROX 10/6/11 presentation, slide 14. Capex data as per slide 15 and TROX 10/10/11 conference call. Implied equity and enterprise values assume Exxaro Mineral Sands contribution on a 100% basis and 26.9mm diluted shares outstanding. Pro forma EPS assumes 74% Exxaro Mineral Sands contribution, 8.0% cost of incremental debt, 35% cash tax rate and 25.9mm diluted shares outstanding.",
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      "text": "We believe New TROX could easily lever up to 1.0x – 1.5x on a mid-cycle EBITDA basis and subsequently dividend the cash proceeds to shareholders while still maintaining strong credit metrics",
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      "text": "Post-special cash dividend and Exxaro deal, we believe New TROX is fundamentally valued at $183 – $194/share including a $24 – $43/share cash dividend",
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      "text": "Total New TROX Value / Share: $194.38",
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      "text": "Target Leverage Low 1.0x High 1.5x ... Dividend / Share $23.85 $43.17 Total New TROX Value / Share $183.10 $194.38 % Change to Current Price 56% 66%",
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      "kind": "title",
      "text": "Optimize Pro Forma Balance Sheet",
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