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  "docSlug": "e16ba280bde0",
  "documentTitle": "TransCanada Corp (TRP)",
  "authorId": "08_Sandell",
  "authorName": "Thomas Sandell",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-11-01 00:00:00",
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  "pageNumber": 10,
  "pageCount": 17,
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  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 160,
  "notes": "The slide uses a 'before/after' comparison for TCP (current vs. post-dropdown) alongside two peer groups to argue for valuation multiple expansion.",
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  "components": [
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      "kind": "callout",
      "text": "By engaging in an 'all-in' dropdown with IDR re-negotiation, TCP's scale and distribution growth rate will re-align with other premier MLPs",
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      "kind": "list",
      "text": "By engaging in an 'all-in' dropdown with IDR re-negotiation, TCP's scale and distribution growth rate will re-align with other premier MLPs. Most major North American infrastructure players have already engaged in an 'all-in' dropdown to taking advantage of unique MLP structure. High ownership of MLP LP units by c-corp comparables has not hindered market valuations, float, sell-side or investor interest. With almost 45% of EBITDA coming from oil-focused pipelines, TCP valuation bolstered by higher valuations for oil-focused comparables. Given GrowthCo's large US backlog, TCP's growth profile may better match 'oil-focused with parent support comparables', yielding additional upside.",
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      "text": "EV/EBITDA: 15.5x",
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      "kind": "source-note",
      "text": "Source: Company filings, Internal Work, $1.1/US$1.0",
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      "kind": "table",
      "text": "Comparative valuation table showing EQ, EV, Rating, EBITDA, D/EBITDA, EV/EBITDA, Div Yield, Control, and High Splits for TCP and peer groups.",
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      "kind": "title",
      "text": "TransCanada Corp: Un-TRPing Shareholder Value",
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      "text": "TCP Valuation: US Comparable Overview",
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