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  "documentTitle": "Arconic Inc. (ARNC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-04-11 00:00:00",
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  "notes": "Uses a waterfall bridge to reconcile 2016 revenue to 2019 targets.",
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      "kind": "callout",
      "text": "Midpoint of Company revenue guidance is for the rest of the business ex-EPS and auto sheet to shrink!",
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      "kind": "callout",
      "text": "Combining the Company's forecast for EPS and the Company's forecast for the whole firm, implicitly GRP and TCS are essentially flat over the next three years",
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      "kind": "disclaimer",
      "text": "Source: Q4 2016 Investor Day Presentation, December 14, 2016; Arconic Q4 Earnings Presentation, January 31, 2017; Arconic Investor Presentations",
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      "text": "1. Midpoint of the 2017 guidance is $12.1 billion. Company projects CAGR of 7-8% through 2019 for $13.98 billion of 2019 revenue\n2. EPS did $5.7 billion in 2016. The Company projects 2.4% market growth in 2017; 6.8% in 2018 and 2019; Company projects $370 million of “above market” growth for a total of $1.33 billion of incremental revenue – with all of the above market growth coming from Firth Rixson catch-up and RTI – not base EPS\n3. The Company uses a higher metal price for 2019 ($1,750) vs. 2016 ($1,605) for $167 million of incremental revenue based on the sensitivities\n4. Auto Sheet is expected to add $704 million in revenue between 2016-2019",
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      "text": "revenue: $13,983",
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      "kind": "title",
      "text": "3-Year Targets: GRP & TCS: Ex-Auto Sheet, Management Says Shrinking!",
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