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  "documentTitle": "Arconic Inc. (ARNC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "notes": "Uses a methodology of allocating net fixed assets based on depreciation to estimate segment-level performance.",
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      "text": "By assuming net fixed assets are allocated in-line with depreciation (i.e., EPS is 51% of segment-level depreciation, therefore 51% of net fixed assets), we can compare Arconic’s segment-level performance vs. relevant peers. The results are stark – EPS is dramatically underutilizing its asset base",
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      "text": "The results are stark – EPS is dramatically underutilizing its asset base",
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      "text": "EPS Fixed Asset Turns ~47% Below Median of Peer 5-Year Average",
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      "text": "EPS Fixed Asset Turns Are ~41% Below 2016 Peer Median",
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      "text": "Fixed Asset Turns: 2.1x",
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      "kind": "quote",
      "text": "The difference between PCC and Arconic is not the nature of the assets, but what PCC gets out of them.",
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      "text": "\"The difference between PCC and Arconic is not the nature of the assets, but what PCC gets out of them.\" — Chris Ayers, Shareholder Nominee, Fmr. EVP Precision Castparts, Fmr. EVP Arconic",
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      "text": "Source: Capital IQ; Company filings. Note: PCC and Doncasters are based on 2015 results due to lack of data availability for 2016",
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      "text": "Poor Underlying Performance: EPS Fixed Asset Turns Lag Significantly",
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