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  "docSlug": "e16ba280bde0",
  "documentTitle": "TransCanada Corp (TRP)",
  "authorId": "08_Sandell",
  "authorName": "Thomas Sandell",
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  "presentationDate": "2014-11-01 00:00:00",
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  "pageNumber": 15,
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  "notes": "The chart uses a split-bar approach to show variance ranges for different business segments.",
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      "kind": "callout",
      "text": "We Believe TRP Conglomerate Discount Will Only Be Eliminated With Energy Segment Spin-Off",
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      "kind": "chart",
      "text": "High to Low Variance (HLV %) for 2015 EBITDA Estimates Across Recent Sell-Side Models for TRP",
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      "text": "Sell-side analysts significantly disagree on Energy segment EBITDA reflecting widely divergent assumptions of generation, power prices and regulatory analysis. 63% High to Low Variation (HLV) on 2015 Consensus Energy segment EBITDA estimates contributes considerably to overall TRP 2015 EBITDA HLV of 27%. Higher valuation multiples are afforded to either 1) certainty or 2) growth of cash flows - by keeping the Energy business, TRP is providing neither.",
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      "text": "Focusing specifically on Energy segment EBITDA, the variation differentials become more acute within segments - underscoring contrast with Pipeline segment. Canadian Power, Bruce Power and US Power EBITDAs have HLVs of 59%, 76% and 59%, respectively vs. Pipeline EBITDA HLV of 15%.",
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      "text": "High to Low Variance (HLV): 63%",
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      "kind": "source-note",
      "text": "Source: Company filings, Internal Work, $1.1/US$1.0 - (1) Figures exclude corporate costs, reflects 8 sell-side models received September 2014",
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      "text": "Difficulty In Forecasting Energy Segment EBITDA Obscures Stable Pipeline Cash Flows",
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      "text": "TransCanada Corp: Un-TRPing Shareholder Value",
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