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  "documentTitle": "Arconic Inc. (ARNC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2017-04-11 00:00:00",
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      "kind": "callout",
      "text": "At Arconic's recent Investor Day, management grudgingly admitted that contracts that it trumpets as new wins include the rollover of existing business.",
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      "text": "Arconic's position in the two key end-markets is not differentiated. Novelis is a larger and stronger competitor in automotive sheet and Constellium is a larger and stronger competitor in aerospace sheet. Moreover, Arconic's supposed innovations have largely benefited peers.",
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      "text": "Arconic management is simply taking credit for the natural cyclical recovery from the financial crisis. Using 3-year rolling averages for both EBITDA margin and Arconic's preferred EBITDA/MT metric, GRP's adjusted EBITDA margin has improved by a grand total of 70 bps since the end of the crisis.",
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      "text": "EBITDA, free cash flow and ROIIC matter most in the rolling business - not Margin and EBITDA/MT. In 2013 Arconic management said it was going to generate $344/MT on a base business of 1,989 tons. Since then, Arconic has shrunk by more than 400 KMT resulting in $138 million in lost EBITDA dollars.",
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      "text": "Arconic management is simply taking credit for the natural cyclical recovery from the financial crisis.",
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      "text": "GRP Adjusted EBITDA Margin 2008 vs 2016",
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      "text": "Leadership Position Established: ~85% of revenue from products with #1 or #2 market position, Differentiated position in sheet and plate, Signed $4B+ in aerospace contracts since 2014.",
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      "text": "Actions Taken: Proactively exited low margin businesses, Built automotive sheet business, Invested in unique capability, Commercialized market leading innovations.",
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      "text": "EBITDA margin: 11.9%",
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      "text": "GRP Results: Lots of Spin, Little Math",
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