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  "documentTitle": "ValueAct Capital | Activist Presentation Deck | 75 slides",
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  "authorName": "ValueAct Capital",
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  "presentationDate": "2022-02-01 00:00:00",
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  "notes": "The chart uses bubble size to represent system sales; the regression line suggests 7-Eleven is an outlier in headcount efficiency.",
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      "kind": "callout",
      "text": "USA 7-Eleven has ~39% more FTEs than the industry average, which on its own accounts for ~$500m in excess SG&A costs",
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      "kind": "chart",
      "text": "North American HQ Employees vs. Gross Profit of Leading USA Convenience Chains",
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      "text": "US Expense Efficiency: MTMP Target? N/A",
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      "text": "FY26 Profit Potential? ~$625m",
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      "kind": "paragraph",
      "text": "Consultancy analysis estimates $625 million of excess cost in US operations, primarily in US corporate headquarters (see chart below), but also in directly owned stores among other areas",
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      "kind": "source-note",
      "text": "Sources: Public company documents, LinkedIn, Consultancy analysis. Memo: FTE = full time equivalent employee. Per consultancy: Employees count from 2020 vs. Gross Profit in 2019 or most recent fiscal year.",
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      "kind": "title",
      "text": "Step 4. Operational Review of 7-Eleven Outside of Japan",
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      "evidence": "Comparison of 7-Eleven against industry peers on headcount vs profit metrics",
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