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  "documentTitle": "The Timken Company (TKR)",
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  "authorName": "CalSTRS",
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  "presentationDate": "2013-03-01 00:00:00",
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  "notes": "Includes historical financial data (2006-2013) and a valuation bridge to arrive at a 22% upside.",
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      "text": "Equity Value per Share: $64.71",
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      "text": "Source: Bloomberg, company filings, and RI assumptions. 2013 TKR segment revenue and EBITDA are based on available analyst estimates and RI projections and aggregate to total company consensus estimates. Incremental Corporate post Spin is pro-forma for full year expense. Pension Addback = (Expected Pension Expense – Service Cost). All numbers except per share are in $Millions.",
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      "text": "Bridge from Enterprise Value to Equity Value per share and comparison to current price.",
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      "text": "EV/EBITDA valuation table showing Bearings and Steel segment contributions to total equity value.",
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      "text": "Broader Peer Group for EV/EBITDA Spin Valuation Does Not Impact Our Conclusion",
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