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  "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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  "notes": "Uses a pie chart to illustrate the sum-of-the-parts valuation breakdown.",
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      "text": "'New' TransCanada: Three Entities Well Positioned To Dominate Respective Industries",
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      "kind": "chart",
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      "kind": "disclaimer",
      "text": "Source: Company filings, Internal Work, $1.1/US$1.0; (1) After-Tax Cash Flow, assumes 'all-in' dropdown",
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      "kind": "list",
      "text": "Energy: Spin-Off Creates Largest IPP On TSX. $1.5bn EBITDA, 45% from Bruce Power and PPAs. Multiple financial/strategic levers to maximize value. Attract world-class management team.",
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      "kind": "list",
      "text": "TRP: Remains #2 Canadian Energy Infrastructure Player. $2.7bn EBITDA + $432m MLP ATCF, Consolidated EQ/EV of $46bn/$70bn. Significant tax assets to support cash generation. Multiple avenues to finance $47bn project backlog.",
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      "kind": "list",
      "text": "TCP: Multiple Potential Paths To Top-Tier MLP Status. 'All-In' dropdown, e.g., Spectra Energy. Target expected distribution growth rate, e.g., Williams. Commit to partnership approach, e.g., SemGroup.",
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      "kind": "list",
      "text": "GrowthCo: Core Canadian Pipeline Company. $2.7bn Canadian EBITDA with stable earnings. $39bn industry-leading project backlog. Management focus on execution and development.",
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      "text": "share price: $75/share",
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      "text": "'New' TransCanada: Three Entities Well Positioned To Dominate Respective Industries",
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      "kind": "title",
      "text": "TransCanada Corp (TRP): Un-TRPing Shareholder Value",
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