{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6da-8838cac54105", "slug": "385560c2d7f5", "title": "Fluor Corporation (FLR)", "subtitle": "Starboard Value", "author": "Starboard Value", "pageCount": 35, "kind": "conference-presentation", "orientation": "landscape", "aspectRatio": 1.7777778, "targetCompany": "Fluor Corporation", "targetTicker": "FLR", "document": { "id": "019dd923-622b-71dc-a6da-8838cac54105", "slug": "385560c2d7f5", "title": "Fluor Corporation (FLR)", "rawTitle": "2025 Active Passive Investor Summit Fluor Corporation", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "authorDisplay": "Starboard Value", "kind": { "slug": "conference-presentation", "label": "Conference presentation" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2025-02-2025_Active-Passive_Investor_Summit_-_Fluor_Corporation.pdf", "sourceUrl": "https://www.starboardvalue.com/wp-content/uploads/2025_Active-Passive_Investor_Summit_-_Fluor_Corporation.pdf", "sourceDate": "2025-10-15 00:00:00", "presentationDate": null, "ingestedAt": "2026-04-22 15:58:22+00", "status": "ready", "pageCount": 35, "orientation": "landscape", "aspectRatio": 1.7777778, "targetCompany": "Fluor Corporation", "targetTicker": "FLR", "metadata": { "local_root": "/tmp/legacy-images/385560c2d7f5", "activist_firm": "Starboard Value", "origin_corpus": "contrarian", "extraction_seconds": 232.80674815177917 } }, "coverage": { "pageCount": 35, "pagesIndexed": 35, "pagesWithImages": 35, "pagesWithMetadata": 35, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 226, "chartCount": 24, "metricSlides": 0, "toolMatches": 22, "documentToolMatches": 5, "frameworkMatches": 24, "arcMatches": 1, "beatMatches": 4, "loopMatches": 1, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "dfacf7b9-f505-4cfe-af75-bc32148e8a30", "evidence": "The document follows a clear problem-agitate-solution structure, presenting Fluor's situation, complicating factors, and proposed solution.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:54:39.643243+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 6, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Situation & Context", "beatId": "6d55ae6d-dae9-4d21-a661-fc3ee81f0f29", "matchId": "dfacf7b9-f505-4cfe-af75-bc32148e8a30", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The document sets the stage for its analysis, presenting Fluor's executive summary and segmentation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 10, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 7, "name": "Problem & Complication", "beatId": "10d8d880-8918-41b2-9e8b-48f3270aa01e", "matchId": "dfacf7b9-f505-4cfe-af75-bc32148e8a30", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document presents the competitive analysis and the problems with Fluor's previous business model", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. 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Starboard does not disclose its own ownership stake in Fluor in this deck. Cover says 'October 2025'; market data 'as of October 17, 2025' — exact day of presentation not stated, so presentation_date left null. Filename '2025-02-2025' appears to be a malformed date string from the source. Sum-of-parts arithmetic on slide 24 (8.9x → 2.8x by stripping NuScale) is the deck's core rhetorical move. CEO quote on slide 32 highlights investor disappointment with management's own NuScale monetization plan as the wedge for Starboard's preferred path.", "kpisCited": [ { "detail": "$6bn total; ~$2bn excluding ~$4bn post-tax NuScale stake", "metric": "Enterprise Value" }, { "detail": "8.9x headline; 2.8x excluding NuScale stake vs 6.0x construction and 13.0x EPCM peer medians", "metric": "EV / CY27E EBITDA" }, { "detail": "$28bn YTD; 73% Urban Solutions, 20% Energy Solutions, 7% Mission Solutions", "metric": "Backlog" }, { "detail": "80% of FY25 YTD backlog vs 45% in FY20 (lump-sum down from 55% to 20%)", "metric": "Reimbursable contract mix" }, { "detail": "$358mm FY21 → $530mm FY24 → $751mm FY28E (~9% CAGR)", "metric": "Adjusted EBITDA trajectory" }, { "detail": "~39% stake (~111.4mm shares); ~$4bn post-tax market value at $44.25 share price", "metric": "NuScale ownership" }, { "detail": "+319% since IPO (May 2022); $30mm initial 2011 investment now worth >$4bn", "metric": "NuScale share price performance" }, { "detail": "Backlog in loss-position fell from $1,800mm in FY22 to $556mm FY25 YTD", "metric": "Legacy project loss exposure" }, { "detail": "Gabbard Offshore Wind $819mm; gas-fired plants $583mm; petrochemical $265mm", "metric": "Highlighted lump-sum cost overruns (2010-2020)" }, { "detail": "(27%) following earnings disappointment and poorly received NuScale monetization plan", "metric": "Q2 FY25 share price decline" } ], "closingAsk": "Fluor should separate its NuScale stake — via taxable monetization or tax-free spin-off — to unlock a substantial re-rating in its core EPCM business.", "extraction": { "at": "2026-04-22 15:58:22+00", "model": "unknown-legacy", "runId": null, "seconds": 232.80675, "promptVersion": null }, "scqaReward": "A separation could re-rate Fluor's core EPCM business from 2.8x toward the 6.0x construction or 13.0x EPCM peer EBITDA medians, unlocking significant shareholder value and EPS accretion via buybacks.", "thesisTypes": [ "breakup_spinoff", "undervaluation", "multiple_rerating", "capital_return" ], "top3Reasons": [ "Excluding its $4bn NuScale stake, Fluor's core EPCM business trades at just 2.8x CY27E EBITDA", "CEO David Constable transformed Fluor since 2021: 80% reimbursable backlog, EBITDA up from $358mm to projected $751mm", "Separating NuScale via spin-off or monetization unlocks a re-rating to 6-13x peer multiples" ], "scqaSituation": "Fluor is one of the few remaining full-service global EPCM firms, with $6bn enterprise value and a $28bn backlog spanning urban infrastructure, energy, and government end markets after most peers exited construction.", "thesisSummary": "Starboard argues that Fluor, a global engineering, procurement and construction firm with $6bn enterprise value and a $28bn backlog, is meaningfully undervalued because its 39% stake in NuScale (worth ~$4bn post-tax) masks a transformed core EPCM business trading at just 2.8x CY27E EBITDA. Under CEO David Constable, hired in 2021, Fluor has shifted from risky lump-sum work (55% of backlog in FY20) to 80% reimbursable contracts, resolved most legacy loss-making projects, and grown adjusted EBITDA from $358mm in FY21 to a projected $751mm by FY28. With most EPCM peers having exited construction (AECOM, Jacobs, KBR) and U.S. reindustrialization tailwinds accelerating, Fluor should trade in line with peers at 6-13x. Starboard urges Fluor to separate the NuScale stake — via taxable monetization funding buybacks or a tax-free spin-off — to unlock substantial re-rating value.", "primaryDemands": [ "Separate Fluor's 39% NuScale stake from the core EPCM business", "Pursue either a taxable monetization (open-market sales, exchange offer, or mandatory exchangeable bond) funding meaningful share repurchases, or a tax-free spin-off", "Allow the core EPCM business to re-rate toward construction (6.0x) or EPCM (13.0x) peer EBITDA multiples" ], "scqaResolution": "Separate the 39% NuScale stake — via taxable monetization (open-market sales, exchange offer, mandatory exchangeable) funding share buybacks, or a tax-free spin-off — decoupling the stub from optionality.", "thesisOneLiner": "Fluor's $4bn NuScale stake masks a transformed EPCM core trading at just 2.8x EBITDA; separating NuScale unlocks a re-rating to peer 6-13x multiples.", "precedentsCited": [ "Starboard's AECOM transformation (2019-2025): board refresh, new CEO Troy Rudd, exit of self-perform construction" ], "scqaComplication": "Fluor appears fairly valued at 8.9x EBITDA, but its $4bn NuScale stake hides that the transformed core EPCM business trades at just 2.8x — well below the 6.0x construction and 13.0x EPCM peer medians.", "narrativeInterest": 4, "notableSlidePages": [ 9, 13, 24, 30, 33 ], "peerCompaniesCited": [ "Jacobs (J)", "Stantec (STN)", "Tetra Tech (TTEK)", "AECOM (ACM)", "WSP", "Atkins/SNC (ATRL)", "KBR", "EMCOR (EME)", "Quanta Services (PWR)", "MasTec (MTZ)", "BWX Technologies (BWXT)", "Argan (AGX)", "Parsons (PSN)", "Bechtel", "Black & Veatch", "Burns & McDonnell", "Kiewit", "Technip Energies (TE)", "Worley (WOR)", "McDermott", "Wood", "Zachry", "China Construction America", "Lendlease", "HOT", "SKAB", "GVA", "TPC", "ACS", "BBY", "ARE", "AMTM", "VVX" ], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison" ], "visualCraftInterest": 4 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/6XGcHy0rF28fkG7hUdk3drd7qN-zu8KRYu3W6Lpc3jQ/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zODU1NjBjMmQ3ZjUvcDAwMS5qcGc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "balanced", "densityScore": 45, "componentCount": 5, "textChars": 290, "nDataPoints": 0, "notes": null, "elementsJson": [ "logo_grid", "headline_text", "subtitle_text", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:25.852+00", "seconds": 2.281, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8838cac54105/1", "deck": "/decks/019dd923-622b-71dc-a6da-8838cac54105", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8838cac54105#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6da-8838cac54105.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.91 }, "kind": "disclaimer", "text": "This presentation is for discussion and general informational purposes only. 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2020", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.823+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e13f5ce4-2c8b-454b-9206-a644a9060feb", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.52, "y": 0.33 }, "kind": "chart", "text": "Share Price Performance", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.823+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a02f2a18-ac69-40dd-994a-11ae1c2dca2f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "cost overruns: $819", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb90-708a-8674-c2090b9dfd2d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.03, "y": 0.93 }, "kind": "source-note", "text": "Source: Public company filings, Capital IQ. Market data as of December 31, 2020. Note: Share price performance adjusted for dividends. (1) Shown from December 31, 2010 to December 31, 2020, the decade prior to David Constable's CEO tenure at Fluor (which started January 1, 2021).", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The result was a loss of investor confidence, with the stock falling below $4.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.823+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22d177fc-4163-4b7e-9448-3d75803d1749", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.88 }, "kind": "title", "text": "During the 2010s, Fluor had a concerning track record of cost overruns on lump sum projects", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.823+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d6641b4-fed8-409f-9df3-a4e9d68c273b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "This Change in Business Model Led to Substantial Losses", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.823+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e0eb86b-987a-418d-b4f6-8daafc716d33", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 14, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "00acd337-3cb7-42d0-9cd3-44dc2a734d56", "matchId": "dfacf7b9-f505-4cfe-af75-bc32148e8a30", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document presents evidence of Fluor's transformation and improved competitive dynamics", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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"text": "NuScale reactor photo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:30.669+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2693286-c81a-4805-bd1f-b0ba6fef24dc", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.52, "y": 0.5 }, "kind": "metric", "text": "Fluor's 39% Ownership", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", 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"canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:30.669+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27ff45e3-1f1a-4c6f-88e7-e82494a7a088", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "market value of stake: ~$4 Billion", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, 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Market data as of October 17, 2025. (1) Calculated as NuScale's closing share price of $44.25 multiplied by Fluor's ownership of 111.4mm shares minus $1,035mm in taxes (assuming a 21% tax rate) offset by approximately $75mm of deferred tax attributes.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"overcrowded", "densityScore": 75, "componentCount": 6, "textChars": 724, "nDataPoints": 4, "notes": "The slide uses a waterfall-style bridge to demonstrate the impact of the NuScale stake on the valuation multiple.", "elementsJson": [ "headline_text", "subtitle_text", "big_number", "process_diagram", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:30.417+00", "seconds": 3.312, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8838cac54105/24", "deck": "/decks/019dd923-622b-71dc-a6da-8838cac54105", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8838cac54105#slide-24", "deckJson": "/decks/019dd923-622b-71dc-a6da-8838cac54105.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Excluding the market value of its stake in NuScale, Fluor is trading at just 3x CY27 EBITDA", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb90-708a-8676-964e3c41557d", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.94, "x": 0.03, "y": 0.22 }, "kind": "chart", "text": "Valuation bridge from Total Fluor EV to CY27E EBITDA Multiple", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": 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"bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb90-708a-8676-99f84a3bbadb", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.14 }, "kind": "paragraph", "text": "Fluor is a high-quality EPCM company that has undergone a remarkable transformation and, in our view, should be valued well above 3x EBITDA.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { 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