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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "Includes a valuation bridge calculation for SRG and a peer benchmarking table.",
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      "text": "Based on our estimates, SRG would be valued in the market at approximately $1.6 billion - $2.0 billion, or $13 - $17 per Darden share",
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      "text": "EBITDA multiple: $13 - $17",
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      "text": "While Darden does not break out the financials of SRG, based on an analysis of comparable chains, we believe that on a standalone basis SRG would have approximately $1.2 billion - $1.3 billion in sales at an 11.0% - 12.0% EBITDA margin, and would trade at a 12x - 13x EBITDA multiple.",
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      "text": "Source: Capital IQ and Company filings. (1) Per Wall Street equity research. (2) Estimated revenue growth from 2014 - 2015.",
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      "text": "Comparable chains to SRG",
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      "text": "Specialty Restaurant Group (SRG) valuation table",
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      "text": "Attractive financial characteristics",
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