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  "documentTitle": "Henry Schein, Inc. (HSIC)",
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  "presentationDate": "2018-09-26 00:00:00",
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  "pageNumber": 7,
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  "notes": "The slide uses a standard SOTP valuation structure to derive a 26% upside potential.",
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      "text": "We are valuing legacy HSIC at a one turn discount to its current EV/ EBITDA multiple of ~13.0X. We think a slight discount to its current valuation is warranted since the legacy HSIC will no longer be exposed to the higher growth animal health sector",
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      "text": "Price Target: $105.88",
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      "text": "We estimate that Vets First Choice will more than double its 2017 EBITDA to ~$500M by 2020. The pro forma entity will offer investors exposure to the higher growth animal health industry. We see the new VFC potentially garnering a multiple commensurate with industry bellwether Idexx. Our base case assumes a discount to Idexx, but we believe that the size of the addressable market for the pro forma entity far surpasses that of Idexx’s market opportunity.",
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      "text": "Source: Bloomberg, Company Filings and Spruce Point Estimates",
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      "text": "HSIC -- Sum of Parts Valuation table",
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      "text": "HSIC's Sum of Parts Valuation – Base Case",
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      "evidence": "The document agitates the problem by highlighting the market's misconception of HSIC's Animal Health business and its growth potential.",
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