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  "documentTitle": "Starboard Value Algonquin Letter July 2023",
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      "kind": "disclaimer",
      "text": "As we have discussed, investors and ratings agencies will consider a number of factors... EPS estimate is based on information obtained from sources believed to be reliable...",
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      "text": "1. Reduce leverage to industry-standard levels of approximately 5x gross leverage. 2. Improve EPS as much as possible, so that the dividend payout ratio is in-line with peers, with room for increases. We believe a target of 75 cents in FY 2025 EPS is achievable.",
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      "text": "In our view, the best path to achieving these objectives is through a sale of the substantial majority of Algonquin's renewables assets, including the Company's ~42% stake in Atlantica Sustainable Infrastructure PLC.",
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      "text": "While the immediate priority is untangling the Company's unregulated renewables business... a close second is ensuring that shareholders can realize the potential of Algonquin's extremely valuable Water Utility.",
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      "text": "Algonquin's valuation has been hampered by a number of factors, most notably excessive leverage and a high dividend payout ratio.",
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