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  "documentTitle": "BMC Software (BMC)",
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      "text": "Returning capital and addressing operational challenges would yield significant return",
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      "text": "Assumes BMC raises $400mm - $2bn to buy back shares; Assumes two scenarios: standalone FY'13E estimates and 3% operating margin improvement; Marginal operating improvements results in significant value; Clearly accretive to EPS",
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      "text": "BMC has significant excess debt capacity; Company can issue debt or use excess cash for share repurchases; Returning capital would yield significant return.",
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      "text": "FY'13E EPS ACCRETION WITH NO OPERATING MARGIN IMPROVEMENT",
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      "text": "ILLUSTRATIVE SHARE BUYBACK ANALYSIS",
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