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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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      "kind": "callout",
      "text": "Arconic's own market growth expectations suggest GRP should grow 7% between 2016 and 2019, inclusive of the wind-down of Tennessee packaging",
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      "text": "Arconic's Own Market Growth Estimates for GRP Growth",
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      "text": "Using Arconic's own market forecasts (provided at the Investor Day), GRP should increase revenue to $5.2 billion by 2019\nManagement says margins can expand by 200 bps in 3 to 5 years!\nBut, 159 bps of the margin expansion is just from exiting Tennessee packaging; the rest (and more) is from volume leverage. There is no actual operating improvement",
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      "text": "Source: Arconic 2016 Investor Day (December 14, 2016); Arconic Q4 2016 Earnings Presentation",
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      "text": "Global Rolled Products: No Stated Revenue Target",
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