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  "documentTitle": "ValueAct Capital | Activist Presentation Deck | 75 slides",
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  "presentationDate": "2022-02-01 00:00:00",
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  "notes": "The slide uses a classic 'expose contradiction' structure by contrasting capital allocation with internal ROIC expectations.",
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      "text": "Medium-Term Management Plan Capital Allocation",
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      "text": "FY22 – FY26 MTMP Cumulative Capex (% Total)",
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      "text": "Memo: Non-Core businesses include Superstores, Department stores, Financial services, Group investments, and other businesses",
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      "text": "Seven & i Holdings Today: MTMP Allocates >30% of CAPEX (~¥770 billion / $7 billion) to Support Non-Core Businesses, Even Though the MTMP Does Not Expect ROIC > WACC Outside the Core",
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