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  "documentTitle": "Arconic Inc. (ARNC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2017-04-11 00:00:00",
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  "notes": "The slide uses a comparison of invested capital vs. projected 2019 value to demonstrate value destruction.",
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      "text": "Arconic's $228 million EBITDA target in 2019 is more than $200 million below original target and, even if achieved, would result in an unacceptable return on investment",
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      "text": "Arconic’s $228 million EBITDA target in 2019 is more than $200 million below original target and, even if achieved, would result in an unacceptable return on investment",
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      "text": "Source: Company filings; Arconic Investor Presentations. Note: Assume Capex = 100% of D&A",
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      "text": "Firth Rixson Value vs. WACC in 2019 table showing Revenues, EBITDA, EBIT, NOPAT, WACC, and Total Value of $1,377",
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      "text": "Firth Rixson: If Firth Rixson Hits New 2019 Targets, It Will Not Earn WACC",
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