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  "documentTitle": "The Goodyear Tire & Rubber Company (GT)",
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      "text": "Reducing SG&A in line with peers would result in 43% upside to Goodyear's stock price",
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      "text": "Non-Core Operations: Goodyear should act swiftly to save costs on pieces of the portfolio that are non-core to Goodyear's key strategic objectives and operations. Potential cost savings from elimination of extraneous business lines.",
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      "text": "Streamlining Back Office: Based on an analysis from a leading third-party consulting firm, Goodyear potentially has over 100 basis points of G&A savings upside from reducing back office functions in line with industrial manufacturing peers.",
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      "text": "Review Incentives and Management Perks: Despite the poor operating and stock performance, management's annual incentive payout ratio was ~115% in the last three years. Goodyear needs to foster a culture based on performance.",
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      "text": "SG&A reduction margin opportunity of ~114 basis points corresponds to Goodyear's underperformance vs. Bridgestone on SG&A reduction efforts since 2016 (~240 basis points if in line with Michelin)¹",
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      "text": "1. See page 20. Basis points based on 2023E revenue excluding Company-owned retail revenue.",
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