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  "documentTitle": "Rubicon Limited (RBC)",
  "authorId": "08_Sandell",
  "authorName": "Sandell Asset Management",
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  "presentationDate": "2011-10-01 00:00:00",
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  "notes": "Includes additional value sources like tax losses and GST claims.",
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      "text": "Assuming a 9.0x EV/EBITDA normalized valuation, the implied equity would be in the NZD183m-230m range equivalent to NZD 0.37-0.47 per RBC share.",
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      "text": "Additional sources of value: USD26m in unrecognised tax losses; GST claim on CNIFP sale.",
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      "kind": "paragraph",
      "text": "Restructuring potential and housing market pick-up could take Tenon's EBITDA within a range of USD19m-23m.",
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      "text": "(1) SAMC understands that the legal proceeding is being strongly resisted by the IRD and as a result, the outcome for Tenon is uncertain",
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