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  "documentTitle": "The Timken Company (TKR)",
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  "presentationDate": "2013-03-01 00:00:00",
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  "notes": "Uses a combination of growth trend analysis and relative valuation multiple to argue against the conglomerate discount/synergy thesis.",
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      "text": "Timken’s Bearings Sales growth over the last five years is virtually identical to SKF’s, implying that the revenue synergies from integration are negligible",
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      "text": "Relative EV/EBITDA: 0.6x",
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      "text": "Source: Company filings and Bloomberg.",
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