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  "documentTitle": "ValueAct Capital | Activist Presentation Deck | 75 slides",
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  "notes": "The slide uses a peer benchmark to argue for operational improvements in the US 7-Eleven business.",
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      "text": "US Expense Efficiency",
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      "text": "Corporate EBITDAR % Store-Level Gross Profit",
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      "text": "FY26 Profit Potential? ~$625m",
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      "text": "Top-down benchmarking suggests significant operating expense inefficiency in the US 7-Eleven operations. As a result, strong gross profit at the store level is not converting into operating profit for Seven & i",
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      "text": "Sources: Public company documents, 7-Eleven, Inc franchise disclosure document, VAC analysis. Memo: EBITDAR = Earnings before interest, taxes, depreciation, amortization, and rent",
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      "text": "Step 4. Operational Review of 7-Eleven Outside of Japan",
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