Starboard Value · conference-presentation
Multiple (GoDaddy, News Corp, Fortrea) (GDDY, NWSA, FTRE)
70 pages · 5 arc beats · 3 loops
Multiple (GoDaddy, News Corp, Fortrea) (GDDY, NWSA, FTRE)
Starboard Value · 2023-10 arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
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Deck intelligence map
5 coverage by narrative range · generated from this deck JSON
Narrative range 70 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Situation & Context 4 slides 100% 4/4 slides 100% 4/4 slides · 21 hits — 0/4 slides
50% 2/4 slides — 0/4 slides
100% 4/4 slides — 0/4 slides
Problem & Complication 6 slides 100% 6/6 slides 100% 6/6 slides · 44 hits — 0/6 slides
66.7% 4/6 slides · 5 hits 50% 3/6 slides 100% 6/6 slides — 0/6 slides
Solution & Approach 10 slides 100% 10/10 slides 100% 10/10 slides · 48 hits — 0/10 slides
— 0/10 slides
30% 3/10 slides 100% 10/10 slides — 0/10 slides
Evidence & Proof 10 slides 100% 10/10 slides 100% 10/10 slides · 63 hits — 0/10 slides
10% 1/10 slides 80% 8/10 slides 100% 10/10 slides 20% 2/10 slides Impact & Next Steps 40 slides 100% 40/40 slides 100% 40/40 slides · 261 hits — 0/40 slides
55% 22/40 slides · 26 hits 60% 24/40 slides 100% 40/40 slides 10% 4/40 slides Slide inventory
70 every slide · same image gating as the playbook
02
Includes a watermark 'STARBOARD VALUE' in the center.other
Open slide detailBeat · Situation & Context
04
The slide highlights the performance of specific stocks presented at a previous investor summit.compare_peers
Open slide detailBeat · Situation & Context
05
The slide uses bar charts to show the decline in growth + profitability metrics for three companies, annotated with their respective 2022 share price returns.analyze_data
Open slide detailBeat · Problem & Complication
06
The slide uses a 'Growth + Profitability' metric defined differently for each company as per their own reporting standards.compare_peers
Open slide detailBeat · Problem & Complication
07
The slide uses placeholders for the other two opportunities, likely to be revealed or discussed in subsequent sections.transition
Open slide detailBeat · Problem & Complication
08
The slide uses a 'Rule of 40' style metric (Growth + Profitability) to benchmark performance. GoDaddy is highlighted with a red dashed box to emphasize its negacompare_peers
Open slide detailBeat · Problem & Complication
09
The slide uses a red arrow to visually emphasize the performance gap between the Nasdaq Internet Index and GoDaddy.expose_gap
Open slide detailBeat · Problem & Complication
10
Includes a donut chart showing revenue split between Applications & Commerce and Core Platform.establish_context
Open slide detailBeat · Problem & Complication
11
The slide uses a green bar for GoDaddy to visually distinguish it from the blue bars of its competitors.compare_peers
Open slide detailBeat · Solution & Approach
12
The slide is a direct screenshot of a website interface.other
Open slide detailBeat · Solution & Approach
13
The slide content seems disconnected from the title; the image shows 13D Monitor, not GoDaddy.establish_context
Open slide detailBeat · Solution & Approach
14
The slide uses a screenshot of a third-party website (13D Monitor) to illustrate the type of business that relies on GoDaddy's services.illustrate_case
Open slide detailBeat · Solution & Approach
15
The slide title describes GoDaddy, but the content is a screenshot of 13D Monitor. This appears to be an example of a website built using GoDaddy tools.other
Open slide detailBeat · Solution & Approach
16
The slide uses a grid layout to showcase product screenshots as evidence of the 'one-stop shop' thesis.present_solution
Open slide detailBeat · Solution & Approach
17
The slide uses two bar charts to demonstrate growth metrics over a 5-year period.analyze_data
Open slide detailBeat · Solution & Approach
19
Uses a simple additive logic flow to represent the investment thesis.frame_situation
Open slide detailBeat · Solution & Approach
20
The slide uses a timeline-style graphic to present a 3-year plan (2022-2024).analyze_data
Open slide detailBeat · Solution & Approach
21
The slide uses a side-by-side bar chart comparison to demonstrate the gap between targets and actuals.expose_contradiction
Open slide detailBeat · Evidence & Proof
22
The slide uses a dual-chart layout to contrast missed FCF targets with on-track FCF per share targets.analyze_data
Open slide detailBeat · Evidence & Proof
23
The chart highlights GoDaddy (GDDY) in red to emphasize its underperformance relative to the median.compare_peers
Open slide detailBeat · Evidence & Proof
24
The slide uses a stacked bar chart to visualize the components of the 'Rule of 40' metric (Revenue Growth + EBITDA Margin).analyze_data
Open slide detailBeat · Evidence & Proof
25
The slide argues that the actual spend on specific business units is likely higher than the aggregate ratio shown.diagnose_problem
Open slide detailBeat · Evidence & Proof
26
Uses a simple additive framework to show how cost reductions and operating leverage lead to a specific financial outcome.propose_solution
Open slide detailBeat · Evidence & Proof
27
Uses a 'Rule of 40' style metric (Growth + EBITDA Margin).quantify_opportunity
Open slide detailBeat · Evidence & Proof
28
The chart uses a 'Rule of 40' style metric (Growth + Margin).compare_peers
Open slide detailBeat · Evidence & Proof
29
The slide uses a 'before-after' bridge structure to illustrate value creation potential.quantify_opportunity
30
The chart highlights GoDaddy (red) and a 'PF GDDY' (green) projection against a peer group (blue).compare_peers
31
The slide uses a placeholder structure where two of the three 'ideas' are represented by blank dark blue rectangles, and the first is represented by the GoDaddytransition
Open slide detailBeat · Impact & Next Steps
32
The slide uses a visual layout of three boxes to represent the 'three ideas'. Two are filled with company logos (GoDaddy, News Corp), and the third is a solid btransition
Open slide detailBeat · Impact & Next Steps
34
The slide uses an org-chart structure to visualize the corporate structure of News Corp.establish_context
Open slide detailBeat · Impact & Next Steps
36
The slide uses a hierarchical structure to display the business portfolio, with a specific focus on the REA Group segment.establish_context
Open slide detailBeat · Impact & Next Steps
37
The slide features two smartphone mockups displaying the app's home screen and saved searches screen.other
Open slide detailBeat · Impact & Next Steps
38
The slide highlights market dominance (#1 in Australia) alongside a 10% revenue CAGR and consistent EBITDA margins.establish_context
Open slide detailBeat · Impact & Next Steps
39
The slide uses a simple arithmetic bridge (Market Cap * Ownership = Stake Value) to argue for undervaluation.show_valuation_bridge
Open slide detailBeat · Impact & Next Steps
40
Uses a simple subtraction bridge to highlight undervaluation.show_valuation_bridge
41
The slide uses a hierarchical structure to emphasize the importance of the Dow Jones segment within the broader News Corp portfolio.establish_context
42
The slide serves as a brand identity or context-setting page for Dow Jones, featuring a newspaper front page, a laptop displaying the website, a mobile phone apestablish_context
Open slide detailBeat · Impact & Next Steps
43
Includes CAGR annotations for revenue segments and EBITDA growth.analyze_data
Open slide detailBeat · Impact & Next Steps
44
The slide uses a bar chart comparison to argue for a valuation premium for Dow Jones.compare_peers
Open slide detailBeat · Impact & Next Steps
45
The slide uses a waterfall-style logic to isolate the 'RemainCo' valuation by subtracting the REA Group stake from the total News Corp valuation.show_valuation_bridge
Open slide detailBeat · Impact & Next Steps
46
Uses a simple multiplication bridge to derive a $7B+ valuation.show_valuation_bridge
Open slide detailBeat · Impact & Next Steps
47
Uses a simple subtraction bridge to highlight undervaluation.show_valuation_bridge
Open slide detailBeat · Impact & Next Steps
48
The slide uses a hierarchical structure to categorize News Corp's assets into five main segments: Digital Real Estate Services, Dow Jones, Book Publishing, Newsestablish_context
Open slide detailBeat · Impact & Next Steps
49
The slide uses a summation visual to imply the total value of the listed segments.show_valuation_bridge
Open slide detailBeat · Impact & Next Steps
50
The slide uses a visual bridge to contrast current market valuation with estimated intrinsic value.show_valuation_bridge
Open slide detailBeat · Impact & Next Steps
51
The slide uses a waterfall-style bridge to show how the sum of parts (REA Group stake, RemainCo, Dow Jones, and other assets) exceeds the current enterprise valshow_valuation_bridge
Open slide detailBeat · Impact & Next Steps
52
The chart uses a waterfall-bridge structure to illustrate the valuation gap.show_valuation_bridge
Open slide detailBeat · Impact & Next Steps
53
The slide uses placeholders for three topics, with GoDaddy and News Corp identified, and a third redacted/placeholder block.transition
Open slide detailBeat · Impact & Next Steps
55
Includes a watermark 'www.10x EBITDA' across the center.establish_context
Open slide detailBeat · Impact & Next Steps
56
The slide uses a value chain framework to contextualize the CRO business model.establish_context
Open slide detailBeat · Impact & Next Steps
57
The slide uses a checkmark matrix to validate the hypothesis that scale is a key differentiator for CROs.present_solution
Open slide detailBeat · Impact & Next Steps
58
Includes annotations regarding ownership status (Acquired by TMO, PE Consortium, Private) for specific firms.compare_peers
Open slide detailBeat · Impact & Next Steps
59
The slide uses a combination of historical data and projections (marked with 'E') to support a thesis of long-term industry growth.size_opportunity
Open slide detailBeat · Impact & Next Steps
60
Includes a geographic map showing operating facilities and subcontractors, plus key operational metrics.quantify_opportunity
Open slide detailBeat · Impact & Next Steps
61
The slide illustrates a corporate spin-off history using a timeline and business unit mapping.establish_context
Open slide detailBeat · Impact & Next Steps
62
The slide uses a red color for Fortrea to emphasize its underperformance relative to the blue-colored peers.compare_peers
63
The chart highlights that even after adjusting for scale, Fortrea's margins (13% and 8.8%) are lower than the peer median of 18%.compare_peers
64
Includes a quote from CEO Tom Pike regarding operational discipline and benchmarking.expose_gap
Open slide detailBeat · Impact & Next Steps
65
The slide uses a 'before-after' framing to establish credibility for the CEO's ability to drive profitability.illustrate_case
Open slide detailBeat · Impact & Next Steps
66
The slide uses a historical performance chart to build credibility for a leadership candidate.illustrate_case
Open slide detailBeat · Impact & Next Steps
67
The chart uses a dashed blue line to indicate the peer median multiple of 13x.compare_peers
Open slide detailBeat · Impact & Next Steps
68
The chart includes a median line at 14x. The data includes transaction year and total enterprise value (TEV).cite_precedent
Open slide detailBeat · Impact & Next Steps
69
The slide uses a valuation bridge approach to demonstrate potential share price appreciation through margin expansion.show_valuation_bridge
Open slide detailBeat · Impact & Next Steps