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  "documentTitle": "Marathon Petroleum Corporation (MPC)",
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  "notes": "Uses a three-part logical flow: business mix, headline valuation, and implied refining valuation.",
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      "text": "Investors are either giving Marathon no credit for the premium valuation of its leading retail and midstream businesses or almost no value for its world-class refining footprint. Either way: Marathon's asset value remains locked",
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      "text": "Investors are either giving Marathon no credit for the premium valuation of its leading retail and midstream businesses or almost no value for its world-class refining footprint. Either way: Marathon’s asset value remains locked",
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      "text": "Implied EV/EBITDA of Each Peer's Refining Business",
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      "kind": "paragraph",
      "text": "... yet even with a superior mix of businesses, Marathon still trades at a meaningful discount to merchant refining peers...",
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      "text": "Marathon has roughly twice the earnings contribution from high-multiple, low-volatility businesses compared to merchant refining peers Valero and HollyFrontier(1)...",
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      "kind": "paragraph",
      "text": "... implying that Marathon's core refining business is being valued at less that 1.0x after valuing non-refining segments at market values.",
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      "text": "1. VLO and HFC selected as best refining-focused comps... 2. Implied refining valuation based on 2020 sell-side estimates...",
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