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  "documentTitle": "ValueAct Seven i Holdings Presentation February 2022",
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      "text": "Sources: Public company documents, FactSet, VAC analysis. Memo: Pre-tax ROIC defined as operating profit / average invested capital.",
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      "text": "Limited group synergies – subsidiaries' underperformance relative to standalone competitors suggests that any benefits of group synergies are outweighed by the holding company's lack of focus.",
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      "text": "Step 3. Exit Remaining Non-Core Businesses",
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