{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6db-8b78bf0b9787", "slug": "f7ee8aae1c88", "title": "E.I. du Pont de Nemours and Company (DuPont) (DD)", "subtitle": "Trian Partners · 2015-04", "author": "Trian Partners", "date": "2015-04-13 00:00:00", "pageCount": 12, "kind": "conference-presentation", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "E.I. du Pont de Nemours and Company (DuPont)", "targetTicker": "DD", "document": { "id": "019dd923-622b-71dc-a6db-8b78bf0b9787", "slug": "f7ee8aae1c88", "title": "E.I. du Pont de Nemours and Company (DuPont) (DD)", "rawTitle": "c81018 ex1", "authorId": "06_Trian_Partners", "authorName": "Trian Partners", "authorDisplay": "Trian Partners", "kind": { "slug": "conference-presentation", "label": "Conference presentation" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "c81018_ex1.pdf", "sourceUrl": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001345471&type=DFAN14A", "sourceDate": "2015-04-13 00:00:00", "presentationDate": "2015-04-13 00:00:00", "ingestedAt": "2026-04-22 16:54:19+00", "status": "ready", "pageCount": 12, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "E.I. du Pont de Nemours and Company (DuPont)", "targetTicker": "DD", "metadata": { "local_root": "/tmp/legacy-images/f7ee8aae1c88", "activist_firm": "Trian Partners", "origin_corpus": "contrarian", "extraction_seconds": 121.2975001335144 } }, "coverage": { "pageCount": 12, "pagesIndexed": 12, "pagesWithImages": 12, "pagesWithMetadata": 12, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 77, "chartCount": 9, "metricSlides": 0, "toolMatches": 3, "documentToolMatches": 3, "frameworkMatches": 8, "arcMatches": 1, "beatMatches": 3, "loopMatches": 3, "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": "fa6fa98d-46c0-4c71-bf03-2f997658722f", "evidence": "The document follows a clear problem-agitate-solution arc, with slides 8-12 presenting a critique of DuPont's current state and suggesting areas for improvement.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:22.472789+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 8, "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": 8, "name": "Problem (Identify pain)", "beatId": "93ae5b39-a7d8-48c6-ad1b-7613c7918563", "matchId": "fa6fa98d-46c0-4c71-bf03-2f997658722f", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slide 8 presents a problem statement, highlighting DuPont's complex operations and low-growth businesses.", "position": 0, "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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Every page carries the 'VOTE THE GOLD PROXY CARD' footer banner — a hallmark of active solicitation. References Trian's prior September 2014 Summary White Paper and February 2015 'Referendum on Performance and Accountability' presentation (DuPontCanBeGreat.com). Slide 5 is a single red '?' over 'Management's Plan For DuPont' — a memorable rhetorical blank-slide device. Slide 10 (Axalta/Coatings case study) is the strongest piece of evidence and visual storytelling — a three-panel before/after/after comparison proving the 'excess corporate costs' thesis. No stake % disclosed in this particular document. Campaign outcome in May 2015: Trian narrowly lost the proxy fight, though DuPont later split into three companies (Dow-DuPont merger) — a de facto vindication of the breakup thesis.", "kpisCited": [ { "detail": "$120/share, 21% IRR for shareholders", "metric": "Implied target share price (2017)" }, { "detail": "9.9x assumed in Trian's valuation", "metric": "Blended NTM EBITDA multiple" }, { "detail": "Estimated $2-4bn burdening consolidated DuPont", "metric": "Excess corporate costs" }, { "detail": "$339m (DuPont 2011) vs $568m (Axalta S-1 same year) vs $851m (2014) — >150% improvement", "metric": "Coatings/Axalta EBITDA" }, { "detail": "$4.32 (2011) → $3.77 (2012) → $3.88 (2013) → $4.01 (2014) → $4.10 (2015E) — below 2011 levels", "metric": "EPS trajectory" }, { "detail": "266% total return, 116% coming after Trian's initial investment", "metric": "Stock return 12/31/08-12/31/14" }, { "detail": "0% (Performance Materials, Safety & Protection, Electronics & Comms)", "metric": "Sales CAGR 2007-2014 (low-growth segments)" }, { "detail": "2.5%, and flat ex-ethylene spreads (margin expansion only ~58bps)", "metric": "Adjusted PTOI CAGR 2007-2014 (low-growth segments)" }, { "detail": "12.6% (2010) → 7.7% (2014), below 7-9% organic growth target", "metric": "Nutrition & Health EBIT margin" }, { "detail": "18.1% (2010) → 13.7% (2014), growth consistently below 7-9% target", "metric": "Industrial Biosciences EBIT margin" }, { "detail": "~$5bn over last 5 years yielded $1bn Monsanto patent verdict and $1.2bn Imprelis charges", "metric": "Agriculture R&D spend" }, { "detail": "113% of target despite TSR in 25th percentile of peers", "metric": "LTIP payout 2013" }, { "detail": "0% corporate performance payout but 80-100% individual performance payout", "metric": "2014 short-term incentive" }, { "detail": "~54% of holdings sold (~$80m); 23% sold the week after Summary White Paper", "metric": "CEO stock sales post-Trian investment" } ], "closingAsk": "Vote the GOLD proxy card to elect Trian's nominees to DuPont's Board at the 2015 Annual Meeting.", "extraction": { "at": "2026-04-22 16:54:19+00", "model": "unknown-legacy", "runId": null, "seconds": 121.2975, "promptVersion": null }, "scqaReward": "Trian's model implies a $120 share price by year-end 2017 — roughly a 21% IRR from current levels — with further upside as the $2-4bn of excess corporate costs is removed from the cost base.", "thesisTypes": [ "operational_turnaround", "cost_cutting", "governance_board", "capital_return", "breakup_spinoff" ], "top3Reasons": [ "DuPont carries $2-4bn of excess corporate costs — Coatings EBITDA jumped >150% under new owners (Axalta)", "44% of sales sit in low-growth segments; recent share-price strength driven by Trian, not fundamentals", "Management paid 113% LTIP payout despite 25th-percentile TSR, and CEO sold 54% of her stock after Trian invested" ], "scqaSituation": "DuPont is a diversified industrial conglomerate spanning Agriculture, Nutrition & Health, Industrial Biosciences, Performance Materials, Safety & Protection, and Electronics & Communications — a sprawling portfolio held together by a heavy corporate center.", "thesisSummary": "Trian argues DuPont under CEO Ellen Kullman is an underperforming conglomerate whose recent stock rally has been driven by activist pressure rather than fundamentals — EPS remains below 2011 levels and 44% of sales sit in low-growth segments. Excess corporate costs burden the portfolio by an estimated $2-4 billion, as proven by the Coatings/Axalta carveout where EBITDA jumped 68% the moment the business left DuPont and 150% by 2014 under private-equity ownership. Management compensation paid 113% of LTIP target despite bottom-quartile TSR, agriculture R&D has yielded negative returns including a $1bn Monsanto patent verdict, and the CEO herself sold 54% of her stock after Trian invested. 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At the time, Coatings generated $339m of EBITDA. Today, that same business, renamed Axalta, generates $851m of EBITDA, an improvement of >150%. In 2014, the new owners filed a Form S-1 to take Axalta public. 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(1)-(5) Footnotes detailing EBITDA calculation methodology.", "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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"list", "text": "No new biotech traits, of significance, discovered\n$1bn jury verdict against DuPont for patent infringement\n$1.2bn in charges relating to Imprelis, despite estimated sales of only ~$7m(3)\nPaying competitors for science capabilities", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:22.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56a378ae-c8f8-414a-8c65-6acee62bb5ad", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "R&D spend: $5bn", "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": "2026-04-23 02:35:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bb-8a4bc927eec7", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.1, "y": 0.86 }, "kind": "source-note", "text": "Source: SEC filings. (1) Monsanto press release 8/1/12. (2) DuPont press release 3/26/2013. (3) Free Press, \"EPA: DuPont failed to warn of popular herbicide's danger to trees\". Charges taken by DuPont related to customer claims of damage (4) Pioneer press release, 12/14/2010. (5) 2010-2014 based on Company Data Book and 2014 Form 10-K.", "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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In 2013, management’s long-term incentive plan had a payout of 113% of target despite a TSR in the 25th percentile of DuPont’s peers", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:23.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b1eb586-ed23-4be6-b0e5-57ffe15e6434", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.8, "x": 0.1, "y": 0.29 }, "kind": "list", "text": "That same year, short-term compensation payout was almost 90% despite adjusted EPS growth of 3%, significantly below the Company’s long-term target of 12% EPS growth", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:23.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59044ec8-ea20-4278-ab45-bd972cdeb02b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "payout factor: 0%", "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": "2026-04-23 02:35:09+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5bb-744b3cc7ad78", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.09, "y": 0.89 }, "kind": "source-note", "text": "Source: DuPont SEC filings and 2011 and 2013 Investor Day Transcripts.", "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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