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  "docSlug": "jarvis-valueact-seven-i-holdings-presentation-february-2022",
  "documentTitle": "ValueAct Seven i Holdings Presentation February 2022",
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  "presentationDate": "2022-02-01 00:00:00",
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  "pageNumber": 19,
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  "notes": "The slide highlights a capital allocation inefficiency by contrasting spending with expected returns.",
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      "kind": "callout",
      "text": "Medium-Term Management Plan Capital Allocation",
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      "text": "Pie chart showing 31% Non-Core Businesses and 69% 7-Eleven",
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      "text": "Memo: Non-Core businesses include Superstores, Department stores, Financial services, Group investments, and other businesses",
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      "text": "Sources: Public company documents, VAC analysis",
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      "kind": "title",
      "text": "Seven & i Holdings Today: MTMP Allocates >30% of CAPEX (~¥770 billion / $7 billion) to Support Non-Core Businesses, Even Though the MTMP Does Not Expect ROIC > WACC Outside the Core",
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      "text": "FY22 – FY26 MTMP Cumulative Capex (% Total)",
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