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  "documentTitle": "Agrium (AGU)",
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  "authorName": "Agrium",
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  "presentationDate": "2013-02-19 00:00:00",
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  "notes": "This is a rebuttal slide from Agrium attacking JANA's methodology. The table explicitly calculates the 'implied' multiple to show it is unrealistic.",
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      "kind": "callout",
      "text": "JANA's required multiple of over 12x for Retail is unsupportable relative to all publicly traded distribution companies and all equity research views",
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      "text": "EBITDA multiple: 12.3x",
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