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  "documentTitle": "Xerox Corporation (XRX)",
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  "authorName": "Carl C. Icahn",
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  "presentationDate": "2018-04-17 00:00:00",
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  "notes": "The slide highlights the discrepancy in valuation multiples between Fuji Xerox and Xerox as presented by management.",
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      "text": "Proposed Transaction Significantly Undervalues Xerox",
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      "text": "Implied Adjusted EBITDA Multiple: 5.0x",
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      "text": "1) Based on $30.35 unaffected share price as of January 10, 2018\n2) Includes Net Debt exclusive of Finance Receivables Debt",
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      "text": "Unaffected Price Jan 10, 2018: $30.35; Shares: 267; Unaffected Market Cap: $8.1; Net Debt: 0.5; After-tax Unfunded Pension: 1.6; Non-controlling Interest: 0.0; Enterprise Value: $10.3; Xerox 2018E EBITDA: $1.75; Fuji Xerox 2018E Adj. EBITDA x 25%: $0.3; Xerox 2018E EBITDA with JV: $2.1",
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      "kind": "title",
      "text": "...in large part because Xerox’s analysis values Fuji Xerox at a lofty 7.5x 2018E Adjusted EBITDA and Xerox at a paltry 5.0x 2018E Adjusted EBITDA",
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