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  "documentTitle": "Xerox Corporation (XRX)",
  "authorId": "14_Icahn",
  "authorName": "Carl C. Icahn",
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  "presentationDate": "2018-04-17 00:00:00",
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  "pageNumber": 23,
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  "notes": "The slide uses a specific 'Net Contributed Cash Flow' calculation to argue the deal is undervalued.",
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      "text": "Xerox shareholders are selling ~$535 million of normalized annual recurring net cash flow for just ~$1.25 billion",
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      "kind": "disclaimer",
      "text": "1) Equal to (i) the $2.5B special dividend minus (ii) ~50% of the $2.5B of debt... 2) For detailed backup see Carl Icahn and Darwin Deason's joint letter... 3) Based on Xerox's 2017 Adjusted Operating Income... 4) Xerox will own ~50%... 5) We are netting out...",
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      "text": "Xerox shareholders are selling ~$535 million of normalized annual recurring net cash flow for just ~$1.25 billion. The below breakout uses Xerox's actual 2017 Adjusted EBITDA.",
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      "text": "valuation multiple: 2.3x",
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      "text": "Xerox's Net Contributed Cash Flow table showing 2017A figures, EBITDA adjustments, and final 2.3x multiple calculation.",
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      "kind": "title",
      "text": "On a net cash flow basis, the multiple Xerox shareholders receive in the proposed transaction is an outrageously low 2.3x",
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