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  "docSlug": "4efa0d9df4944d7c7d4d31a5a9f25881",
  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 44 slides",
  "authorId": "icahn-enterprises",
  "authorName": "Icahn Capital LP and Deason Capital Services, LLC",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-04-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 18,
  "pageCount": 44,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 11,
  "notes": "The slide highlights a discrepancy in valuation multiples between Xerox and Fuji Xerox to argue undervaluation.",
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  "slideHref": "/slides/019de06f-98bc-706e-9c0c-e01708fefbea/18",
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      "kind": "callout",
      "text": "Proposed Transaction Significantly Undervalues Xerox",
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      "kind": "source-note",
      "text": "1) Based on $30.35 unaffected share price as of January 10, 2018\n2) Includes Net Debt exclusive of Finance Receivables Debt",
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      "kind": "table",
      "text": "Unaffected Price Jan 10, 2018: $30.35; Shares: 267; Unaffected Market Cap: $8.1; Net Debt: 0.5; After-tax Unfunded Pension: 1.6; Non-controlling Interest: 0.0; Enterprise Value: $10.3; Xerox 2018E EBITDA: $1.75; Fuji Xerox 2018E Adj. EBITDA x 25%: $0.3; Xerox 2018E EBITDA with JV: $2.1; Implied Adjusted EBITDA Multiple: 5.0x",
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      "kind": "title",
      "text": "...in large part because Xerox’s analysis values Fuji Xerox at a lofty 7.5x 2018E Adjusted EBITDA and Xerox at a paltry 5.0x 2018E Adjusted EBITDA",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The document presents the proposed Fuji/Xerox transaction as a monster that undervalues Xerox and results in significant value destruction.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
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  ],
  "loops": [
    {
      "to": 20,
      "from": 16,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "54b56ed1-8aac-4afb-b8c7-472eb8b68a96",
      "evidence": "The document presents a detailed analysis of the proposed transaction's structure and valuation, highlighting its flaws and contradictions.",
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