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  "docSlug": "b8fbc5e32a665b4738866dad04bcffaf",
  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 20 slides",
  "authorId": "icahn-enterprises",
  "authorName": "Icahn Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-11-01 00:00:00",
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  "pageNumber": 13,
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  "nDataPoints": 15,
  "notes": "Uses a Statista chart to show PC market decline and a custom table to calculate the implied share price vs management's claim.",
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  "slideHref": "/slides/019de06f-bef7-755a-b600-72f02b7dd584/13",
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      "kind": "chart",
      "text": "No Growth in Sight for Stagnant PC Market",
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      "text": "Dell's core business has historically been comprised of PC sales... PC industry has become commoditized... Dell's core business is facing secular headwinds... Even Dell's own board valued the Class C common stock at only $33.17 per share... EMC's core business traded at an implied forward EBITDA multiple of ~4.5x... DVMT's current trading price implies an IPO price almost 30% below that used by Dell",
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      "kind": "source-note",
      "text": "1. Per Dell's 2018FY 10K... 2. Dell Technologies Proxy statement... 3. Implied core EMC multiple per Jefferies research report...",
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      "kind": "table",
      "text": "DVMT's Current Trading Value Suggests Management is Highly Overstating Dell's IPO Price",
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      "kind": "title",
      "text": "Dell's Overvaluation of its Class C Shares",
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