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  "documentTitle": "Arconic Inc. (ARNC)",
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  "authorName": "Elliott",
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  "presentationDate": "2017-04-11 00:00:00",
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  "notes": "Uses a waterfall chart to show the impact of divestitures on revenue and highlights the discrepancy in EBITDA/MT targets.",
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      "kind": "callout",
      "text": "The original GRP revenue target was not $6.1 billion – it was $8.1 billion. But Arconic divested less-profitable rolling mills in Australia, Spain and France. Importantly, the Company left EBITDA/MT targets the same despite the divestitures",
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      "text": "Pro forma for divestitures, management's new target is for EBITDA/MT to decline by $35 (~9%)",
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      "text": "Source: Arconic 2016 10-K; Alcoa 2013 10-K",
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