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  "documentTitle": "Arconic Inc. (ARNC)",
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      "kind": "callout",
      "text": "All the supposed margin growth is either baked in (GRP exit from packaging) or comes from the inherent volume leverage in the businesses (EPS, GRP, TCS)",
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      "text": "incremental EBITDA: $600 million",
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      "text": "In a business with high fixed costs, if market growth leads to $2.1 billion in incremental revenue (mostly from a 20%+ overall margin business) (EPS) – and $600 million of incremental EBITDA",
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      "text": "That is not evidence of any special system or productivity gains, it is just operating leverage. Arconic's \"goals\" reflect 27.6% contribution margins (below EPS's historical and peer levels)",
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