{
  "docId": "019dd923-622b-71dc-a6dc-5ce2b4a778c9",
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  "documentTitle": "The Timken Company (TKR)",
  "authorId": "17_Relational_Investors",
  "authorName": "CalSTRS",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-03-01 00:00:00",
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  "pageNumber": 33,
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  "slideType": "valuation_table",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 15,
  "notes": "The slide uses a 'TKR' (Timken) vs 'RI' (Relational Investors) methodology comparison to argue that management's premium valuation claims are misleading.",
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      "kind": "callout",
      "text": "Management’s assertions that the company trades at a premium are based on misleading information",
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      "text": "Definitions of TKR and Relational methods and the conclusion that Timken trades at a discount.",
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      "text": "Potential Upside: 30.4%",
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      "text": "Source: Bloomberg and company filings. All numbers other than TKR based on consensus estimates. TKR numbers based on consensus estimates, company guidance, and RI assumptions. All CapEx numbers are normalized by RI.",
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      "kind": "table",
      "text": "Table comparing 2013 TKR, 2013 RI, and 2014 RI methods across SKF, Steel Average, Implied TKR Sum of Parts, Actual TKR, and Potential Upside.",
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      "kind": "title",
      "text": "Properly Adjusted Cash Flow Multiples Indicate a Substantial Discount to Peers",
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      "evidence": "The presentation uses data to show that Timken's cash flow multiple calculation is misleading.",
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