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  "documentTitle": "Xylem Inc. (XYL)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-08-09 00:00:00",
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  "notes": "Uses red callout box to highlight the specific contradiction in the COO's math.",
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      "kind": "callout",
      "text": "For many months we believe Xylem side-stepped any discussion or reference of the $90 million required to achieve the $140 million of estimated cost synergies.",
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      "text": "Your math is flawed by ignoring $90m of incremental costs.",
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      "kind": "quote",
      "text": "\"Maybe I'll just elevate a bit here and take a step back and say that while the deal is not based on cost synergies alone, if you look at -- and you capitalize the cost synergies, which is $140 million, it's $3 billion. And the kind of premium was $1.5 billion. So that's kind of the math as I think about it.\" — COO Pine, Stifel Conf, June 7, 2023",
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      "text": "Source: Q4'22 and Q1'23 Earnings Calls and other calls",
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      "text": "Table of executive quotes regarding cost synergies",
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      "kind": "title",
      "text": "Xylem Never Mentions Costs To Obtain Synergies",
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