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  "documentTitle": "The McGraw-Hill Companies (MHP)",
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  "presentationDate": "2011-08-22 00:00:00",
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  "notes": "Uses analyst quotes to validate the 'conglomerate discount' thesis.",
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      "kind": "callout",
      "text": "Separating other businesses would release them from unjustified S&P Ratings overhang, and allow for greater focus from top management at S&P Ratings.",
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      "kind": "paragraph",
      "text": "The result is that S&P Ratings (~50% of total EBIT) infects the valuation of the other businesses rather than protecting them through diversification (as management has historically contended)",
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      "kind": "quote",
      "text": "We remain long-term bullish on MHP (and MCO) but acknowledge that it will be difficult for the shares to outperform near-term given increasing regulatory scrutiny, which has intensified since S&P's downgrade of the US",
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      "kind": "quote",
      "text": "Negative headlines following S&P's downgrade of the US sovereign rating reignited regulatory fears. Here we believe incremental regulation beyond measures in Dodd-Frank seems unlikely. Also, our price target includes a modest 10% discount [to McGraw-Hill's total sum of the parts enterprise value] for these risks",
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      "text": "\"We remain long-term bullish on MHP (and MCO) but acknowledge that it will be difficult for the shares to outperform near-term given increasing regulatory scrutiny, which has intensified meaningfully since S&P's downgrade of the US\" — Piper Jaffray, August 18, 2011. \"Negative headlines following S&P's downgrade of the US sovereign rating reignited regulatory fears. Here we believe incremental regulation beyond measures in Dodd-Frank seems unlikely. Also, our price target includes a modest 10% discount [to McGraw-Hill's total sum of the parts enterprise value] for these risks\" — Goldman Sachs, August 18, 2011.",
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      "text": "(1) Regulatory Worries Create Near-Term Headwind; Peter P. Appert and George K. Tong; Piper Jaffray; August 18, 2011. (2) Reiterates Buy on 'self-help' headlines; we see 30% upside; Sloan Bohlen and Conor Fennerty; The Goldman Sachs Group, Inc.; August 18, 2011.",
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      "kind": "title",
      "text": "S&P Ratings' Issues: Overshadows McGraw-Hill's Other Businesses",
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