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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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  "notes": "Includes a valuation bridge/upside analysis and peer benchmarking for retail auto service.",
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      "text": "A sale would generate a needed injection of cash proceeds",
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      "text": "Upside from Retail Monetization: $4.16 (+36%) and $5.31 (+47%)",
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      "text": "A sale would generate a needed injection of cash proceeds; A sale would have limited impact to Goodyear's tire business; We would expect active participation from both strategic and financial players; With an enhanced operational focus...",
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      "text": "Conservatively assumes $2 million average unit volume and 13% EBITDA margin; Conservatively assumes cash held on balance sheet; Conservatively excludes any valuation uplift on Goodyear Commercial Truck service locations or Fountain Tire JV",
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      "text": "TEV / EBITDA: $5.31",
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      "text": "Source: Company filings, Bloomberg and CapitalIQ as of 5/8/23.",
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      "text": "A sale of Goodyear's Company-owned consumer retail stores (~715 units) to a focused and well-capitalized buyer would maximize their potential",
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      "text": "Significant Benefits of Selling Retail Platform",
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