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  "documentTitle": "Marathon Petroleum Corporation (MPC)",
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  "notes": "Uses Elliott Management's historical engagement as a marker for valuation shifts.",
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      "text": "As Marathon further invested in integration the discount deepened",
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      "text": "The more Marathon integrates, the more undervalued it becomes",
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      "text": "Upside to Fair Value: Full SOTP Value",
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      "text": "Marathon % P/E Discount to Refining Peers",
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      "text": "Marathon's relative valuation discount to Valero and Holly is at an all-time high, without accounting for Marathon's increasing share of high-multiple midstream and retail earnings over time.",
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      "kind": "source-note",
      "text": "1. Forward Next 24 Months P/E. Marathon relative to the average of HFC, VLO, and PSX. 5-year period ending 8/14/19. 2. Refer to page 7 for further detail.",
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