{
  "docId": "019dd923-622c-750b-8b9c-70939a0f825f",
  "docSlug": "7ed65c83e062",
  "documentTitle": "Marathon Petroleum Corporation (MPC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-09-24 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 10,
  "pageCount": 45,
  "prevPage": 9,
  "nextPage": 11,
  "slideType": "valuation_table",
  "function": "quantify_opportunity",
  "density": "dense",
  "nDataPoints": 108,
  "notes": "Uses animal icons (bear and bull) to denote low and high ends of the valuation range.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "valuation_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-70939a0f825f/10",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-70939a0f825f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-70939a0f825f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-70939a0f825f#slide-10",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.15,
        "x": 0.8,
        "y": 0.16
      },
      "kind": "callout",
      "text": "This excludes additional upside from operational improvements",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a2214529-b791-496b-ad25-c516128c5d38",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Marathon could see over 60% upside at the average peer refining and retail EBITDA multiples, and 45% upside even at the lowest peer refining and retail multiples.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14d7-73fd-9f56-3b5660e5153e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share price upside: 45%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14d7-73fd-9f56-3c4b962adba2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.95,
        "x": 0.02,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "Marathon could see over 60% upside at the average peer refining and retail EBITDA multiples, and 45% upside even at the lowest peer refining and retail multiples.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71f3d4da-3e9a-47ea-936d-910b96ddaf8f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.95,
        "x": 0.02,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "1. Sum-of-the-parts implied value assuming MPLX interest at market value, net of estimated separation costs based on peer valuation as of 9/24/19. See footnote on page 7 for further detail on valuation assumptions.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "607f6530-1ce7-4050-aed6-d9d5d2051cd1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.5,
        "x": 0.25,
        "y": 0.25
      },
      "kind": "table",
      "text": "Sensitivity table of MPC Share Price Upside Potential",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b9e1fe2d-c6b5-43dd-adfe-0b5592967101",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.02,
        "y": 0.02
      },
      "kind": "title",
      "text": "Initial Upside From Separation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1e2f609c-9f8f-45b8-904a-d9e23f01d464",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation_table",
      "slug": null,
      "matchId": "9de1bdf6-7813-4266-ac05-0b7a4e2b17cd",
      "evidence": "Sensitivity analysis of EBITDA multiples",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 9,
      "beatId": "339120df-84a0-416d-b544-b7f6ab2b1fd5",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "Elliott highlights the consequences of not taking action, including Marathon's undervaluation and limited growth prospects",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}