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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": "75% of Arconic's business overlaps with PCC. In fact, it overlaps more with higher-margin segments - fasteners and castings - than with forgings",
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      "text": "Scale issue is a red herring. PCC had high-20's/low-30's margins when it was EPS' current size. EPS has more assets than PCC",
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      "text": "After years of promoting the overlap with PCC, Arconic management now claims they are \"structurally different.\" But a close examination of their \"evidence\" suggests an admission against interest.",
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      "text": "After years of promoting the overlap with PCC, Arconic management now claims they are \"structurally different.\" But a close examination of their \"evidence\" suggests an admission against interest. They won't admit it, but they know they lag",
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      "text": "Source: Arconic, Company filings. Note: Structural Differences are defined as businesses in which EPS just entered and therefore has substantial differences in scale/volume (~5-10x) or where PCC does not compete.",
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      "text": "PCC versus Arconic EPS comparison table detailing Scale, Vertical Integration, Mix, and Capacity Utilization differences.",
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      "text": "EPS Results: What Does Management Now Say?",
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