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  "documentTitle": "Elliott Management GSK Letter July 2021",
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      "text": "Waterfall chart showing New GSK, Consumer, Corporate, Total EV, Debt Adjustments, Equity Value, and Current price.",
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      "kind": "paragraph",
      "text": "premium to its standalone valuation. There is no fundamental reason that GSK should trade at such a significant conglomerate discount, as the CH business will soon separate and Vaccines and Pharma are two complementary pillars of GSK's growth story.",
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      "text": "Put another way, subtracting the value of CH from GSK's current enterprise value implies that the market is currently valuing New GSK at an unreasonably low multiple of just ~8x EBITDA, a 33% discount to fair value.",
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      "text": "With ambition as well as determined operational execution, and as credibility with the market is rebuilt, we believe GSK management can and should unlock the Company's full value potential over time.",
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      "text": "17 Valuation of GSK's 68% stake in CH\n18 Based on weighted average valuation of core businesses\n19 Reported net debt adjusted for listed investments, ViiV minorities, dis-synergies and pensions\n20 Based on market data as of 25-Jun-2021\n21 Regression implies '21-26 CAGR of 0% vs. lower end of Company guidance of 5%",
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