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  "documentTitle": "Houghton Mifflin Harcourt (HMHC)",
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  "notes": "Includes a footnote explaining the conservative assumptions (10% reduction in billings growth, 40% incremental variable costs).",
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      "text": "Even under Engine's conservative scenario, Veritas can pay $25-$26 per share and still earn a 5-year IRR north of 17.5%",
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      "text": "(1) Assumes 10% reduction to annual billings growth compared to management forecast and 40% incremental variable costs vs. 35% in management forecast",
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      "text": "Houghton Mifflin UFCF projections using Engine more conservative forecast",
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