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  "documentTitle": "The Goodyear Tire & Rubber Company (GT)",
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  "authorName": "Elliott",
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  "presentationDate": "2023-05-11 00:00:00",
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      "kind": "callout",
      "text": "4 Loss of Investor Confidence",
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      "text": "Goodyear has been “orphaned” with minimal sell-side coverage...",
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      "text": "Number of Sell-Side Analysts Covering Tire Companies ($5+ billion revenue)",
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      "text": "Number of Sell-Side Analysts: 7",
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      "text": "Goodyear has significantly less sell-side coverage than comparable tire companies, and analysts have low confidence in execution",
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      "kind": "quote",
      "text": "We continue to believe Goodyear is under-earning and that it can eventually recoup a large portion of margin lost to the confluence of Price and Raws",
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      "text": "A reversion to historical average margins would support significant upside for earnings and upside for the stock. Our main concern, in the short run, is that there aren't many data points that would lead the Street to gain confidence in that conclusion.",
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      "kind": "quote",
      "text": "Many of the Sell-side analysts that follow Goodyear have heard PM's lament that this company 'hasn't missed an opportunity to miss an opportunity'...",
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      "text": "Despite weak financial performance recently, we see no evidence that the brand is being broken; implying the current assets are under earning; such inefficiencies tend to get fixed either through improved execution or external influence.",
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      "text": "Over the next few years, we believe there are multiple levers that Goodyear could use to return margins of its legacy operations closer to their most recent peak seen in 2015-16.",
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      "kind": "quote",
      "text": "“Many of the Sell-side analysts that follow Goodyear have heard PM's lament that this company ‘hasn't missed an opportunity to miss an opportunity’...” — Wolfe Research, 2/11/2021",
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      "kind": "title",
      "text": "Scarce and Skeptical Sell-Side Coverage",
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