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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 chart uses a waterfall-style bridge to show how different segments contribute to the total EBITDA, highlighting the drag of non-food retail.",
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      "text": "Significant losses in non-food retail operations",
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      "text": "Ito-Yokado Can Become A Sustainable Business By Focusing on Food Retail",
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      "text": "Seven & i is not the best owner for the low ROIC tenant business. It is worth more to property specialist",
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      "text": "Heavy transformation is required to reposition Ito-Yokado for the long term. The steps to concentrate the operations on food retail and find better owners for much of the owned real estate can be best accomplished as a separate company",
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      "text": "Sources: Public company documents, VAC analysis. Memo: Assumes Ito-Yokado food retail operations earn York-Benimaru level of profitability and sales per square meter. Assumes rent expense per square meter is the same across the Ito-Yokado food and non-food square footage.",
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      "kind": "title",
      "text": "Step 2. Separate Ito-Yokado With Restructuring Plan",
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