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  "documentTitle": "Arconic Inc. (ARNC)",
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  "authorName": "Elliott",
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  "notes": "The slide uses a scatter plot with a trend line to demonstrate that even with projected growth, Arconic's FCF performance is underwhelming compared to peers.",
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      "text": "Even if Arconic achieved its free cash flow goals, they would be well below that of its new peer group",
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      "text": "Investors always ask us “where’s the free cash”? Under Dr. Kleinfeld it’s still missing",
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      "text": "Investors always ask us “where’s the free cash”? Under Dr. Kleinfeld it’s still missing",
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      "text": "Source: Bloomberg; Arconic Investor Presentations. Note: R² = Arconic's 2017 Proxy Peers ex-Arconic",
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      "text": "3-Year Targets: Low Free Cash Flow Continues",
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