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  "documentTitle": "Arconic Inc. (ARNC)",
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  "authorName": "Elliott",
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  "notes": "The slide uses a 'Value Destruction' calculation by comparing acquisition costs against current enterprise value estimates.",
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      "text": "Note: Perhaps because of the pending proxy contest, Arconic has not yet taken a substantial impairment",
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      "text": "Perhaps because of the pending proxy contest, Arconic has not yet taken a substantial impairment",
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      "text": "Value Destruction: $2.5 billion",
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      "text": "Taking two different approaches (taking Firth Rixson’s EBITDA and multiplying by the corporate multiple and taking Firth Rixson’s NOPAT over Arconic’s WACC) to measuring the extent of the value destruction as a consequence of the Firth Rixson acquisition yields the result that Arconic’s management has destroyed between $1.9 to $2.5 billion of value as a result of the acquisition",
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      "text": "Source: Arconic 2016 10-K; Alcoa 2014 10-K; Firth Rixson Acquisition M&A Call, June 26, 2014; Capital IQ",
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