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  "documentTitle": "Agrium (AGU)",
  "authorId": "13_JANA_Partners",
  "authorName": "Agrium",
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  "presentationDate": "2013-02-19 00:00:00",
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  "notes": "The slide includes a direct accusation against JANA Partners regarding their valuation methodology.",
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      "text": "JANA either does not understand how to value assets in our sector or it is intentionally trying to deceive shareholders",
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      "text": "JANA either does not understand how to value assets in our sector or it is intentionally trying to deceive shareholders",
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      "text": "EBITDA multiple: 9x",
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      "kind": "paragraph",
      "text": "Backing out the value of expansion projects results in LOWER trading multiples for the peers, as shown below. Adjusting for projects reduces Potash's multiple ~2x, Mosaic's ~2x, and CF's ~1x",
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      "kind": "paragraph",
      "text": "Valuing our existing Wholesale EBITDA at these lower adjusted multiples and then adding the theoretical value of Vanscoy indicates that we are still receiving about 9x in our stock for Retail",
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      "text": "1. Assumes 20 year depreciation and 26%, 27% and 35% tax rate for Potash Corp, Mosaic and CF, respectively\n2. Future value of expansion projects discounted back 4 years (from 2017 to 2013) at 11%\n3. (Current enterprise value less present value of expansion project) / 2013E EBITDA\n6. On a gross basis, Potash Corp trades at 9.3x 2013E EBITDA and net of its unconsolidated equity investment portfolio (SQM, ICL, APC, Sinofert) it trades at 7.3x; In our sum-of-the-parts analysis we have conservatively used the gross multiple of 9.3x; Use of the adjusted multiple of 7.3x would reduce the implied value of Wholesale and further raise the implied multiple we are receiving for Retail within Agrium",
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      "text": "Table comparing expansion investment, returns, and EBITDA multiples across Potash Corp, Mosaic, and CF.",
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      "text": "Adjusted Multiples for Wholesale Peers",
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