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  "documentTitle": "Agrium (AGU)",
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  "authorName": "Barry Rosenstein",
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  "notes": "Uses a sidebar of thematic pillars (Cost Management, Controls, Capital Allocation, Conglomerate Structure, Corporate Governance) to frame the critique.",
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      "text": "The new lower-multiple Midnight Comparables, by contrast, include newly public companies, small and micro cap stocks... Only one of the new Midnight Comparables (Airgas) is appropriate... Brenntag... trades at ~9x+ 2013 EBITDA",
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      "text": "The Original Comparables were clearly more appropriate: Regularly cited by management... Used by UAP in its 10-K... Were valued by public markets in line with UAP – at 9x EBITDA",
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      "text": "When pressured to unlock Retail's value, Agrium instead changed its long-standing valuation comparable set for Retail to talk down its value potential",
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