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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",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-04-01 00:00:00",
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  "pageNumber": 23,
  "pageCount": 44,
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  "slideType": "valuation_table",
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  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The slide uses a specific cash flow derivation to argue that the deal undervalues Xerox.",
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      "kind": "disclaimer",
      "text": "1) Equal to (i) the $2.5B special dividend minus (ii) ~50% of the $2.5B of debt incurred... 2) For detailed backup see Carl Icahn and Darwin Deason's joint letter... 3) Based on Xerox's 2017 Adjusted Operating Income... 4) Xerox will own ~50%...",
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      "kind": "paragraph",
      "text": "Xerox shareholders are selling ~$535 million of normalized annual recurring net cash flow for just ~$1.25 billion. The below breakout uses Xerox's actual 2017 Adjusted EBITDA, which we believe is the best way to analyze the proposed transaction.",
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      "kind": "table",
      "text": "Xerox's Net Contributed Cash Flow table showing 2017A figures for EBITDA, Capex, Interest, and adjustments to arrive at a 2.3x multiple.",
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      "kind": "title",
      "text": "On a net cash flow basis, the multiple Xerox shareholders receive in the proposed transaction is an outrageously low 2.3x",
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      "arcName": "Overcoming the Monster",
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