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  "documentTitle": "TransCanada Corp (TRP)",
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  "authorName": "Thomas Sandell",
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  "presentationDate": "2014-11-01 00:00:00",
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  "notes": "Uses de-consolidation of MLPs to normalize valuation multiples between TRP and ENB.",
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      "text": "After de-consolidation, the TRP's observed multiple discount to ENB of 1.4x increases substantially to 4.8x based on 2015 EBITDA estimates.",
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      "text": "After de-consolidating respective MLPs, TRP is trading at a significant discount to ENB on an EBITDA multiple basis. Furthermore, P/AFFO multiples show a similar magnitude of valuation disconnect.",
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      "text": "Source: Company filings, Internal Work, $1.1/US$1.0, Sandell has neither sought nor obtained the consent of Brokers to the use of information above",
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      "text": "TransCanada Corp: Un-TRPing Shareholder Value",
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      "text": "Transition To EBITDA/AFFO Metrics: Highlights Valuation Discount Versus Enbridge Inc. (ENB)",
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