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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "presentationDate": "2014-09-01 00:00:00",
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  "notes": "The slide uses a three-column structure to systematically dismantle the opponent's valuation argument.",
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      "kind": "callout",
      "text": "We Estimate That Starboard Inflated Their REIT Multiple Analysis by ~4x Through Flawed Calculations and Assumptions",
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      "text": "Three columns detailing flaws: Inaccurate Calculations, Inappropriate Use of LTM vs. Forward Multiples, and Peer Set Mismatch.",
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      "text": "REIT valuation multiple: ~4x",
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      "text": "Source: Company filings, Starboard 31-Mar-2014 presentation, IBES estimates as of 1-Apr-2014 and 2-Sep-2014, respectively",
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      "text": "In Particular, The Board Believed That Starboard's REIT Valuation Multiple Analysis Contained Several Analytical Flaws Which Contributed to a Misleading Conclusion",
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