E.I. du Pont de Nemours and Company (DuPont) (DD)

Nelson Peltz · 2015-04
arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 5
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Deck intelligence map

3
coverage by narrative range · generated from this deck JSON

Slide inventory

87
every slide · same image gating as the playbook
01
Slide 1
Includes a call-to-action banner at the bottom right to vote the gold proxy card.front_matter
02
Includes contact information for proxy solicitor MacKenzie Partners.other
04
transition
05
Includes a legend for board representation and a detailed disclaimer regarding investment history.establish_context
Open slide detailBeat · Problem
06
summarize
Open slide detailBeat · Problem
07
The slide uses a grid layout to showcase four primary nominees and one alternate nominee, emphasizing their corporate experience.introduce_nominees
Open slide detailBeat · Problem
08
The table uses checkmarks to indicate that all four nominees possess the listed skills, except for Board Experience which is missing for Robert.introduce_nominees
Open slide detailBeat · Problem
09
Includes a callout box highlighting potential upside from excess costs.quantify_opportunity
Open slide detailBeat · Problem
10
Uses the 'put her money where her mouth is' idiom to frame the contradiction.expose_contradiction
Open slide detailBeat · ProblemLoop · Iceberg
11
transition
Open slide detailBeat · ProblemLoop · Iceberg
12
The chart uses a dual-axis approach to contrast stock price (blue line) with EPS (red line) to highlight the divergence.expose_contradiction
Open slide detailBeat · ProblemLoop · Iceberg
13
The slide uses a table to contrast Q1 2014 vs Q1 2015 performance metrics to support the activist's argument of management underperformance.expose_contradiction
Open slide detailBeat · ProblemLoop · Iceberg
14
Uses two waterfall charts to bridge 2014 normalized EPS and 2015 guidance to core EPS needed.preempt_rebuttal
Open slide detailBeat · ProblemLoop · Iceberg
15
Uses red boxes to highlight DuPont (DD) and green boxes to highlight Trian portfolio companies (IR).compare_peers
Open slide detailBeat · ProblemLoop · Iceberg
16
DuPont (DD) is highlighted in red boxes to show underperformance relative to peers.compare_peers
Open slide detailBeat · ProblemLoop · Iceberg
17
The slide uses a 'before-after' framing of management's stated goals versus the actual stock price outcome.expose_contradiction
Open slide detailBeat · ProblemLoop · Iceberg
18
transition
Open slide detailBeat · ProblemLoop · Iceberg
19
The slide uses a consistent color coding where grey bars represent targets/peers and red bars represent DuPont's actual performance.expose_gap
Open slide detailBeat · ProblemLoop · Iceberg
20
The slide uses a color-coded bar chart approach to contrast DuPont (red) with peer benchmarks (blue/grey).compare_peers
Open slide detailBeat · ProblemLoop · Iceberg
21
Standard activist deck slide outlining the platform for board nominees.state_demand
Open slide detailBeat · AgitateLoop · Cost Of Inaction
22
Uses a combination of bar charts and line charts to show stagnation in sales and PTOI, contrasted with the growth in ethylene spread profits.expose_contradiction
Open slide detailBeat · AgitateLoop · Cost Of Inaction
23
Uses a red dashed box to highlight the 'unproven' segments. The slide contrasts the 'proven' Agriculture segment with the 'unproven' segments.expose_contradiction
Open slide detailBeat · AgitateLoop · Cost Of Inaction
24
Uses a series of bar charts to show EBITDA growth and discrepancies in reporting between DuPont and Axalta's S-1 filing.expose_contradiction
Open slide detailBeat · AgitateLoop · Cost Of Inaction
25
Uses a combination of bar charts and line charts to demonstrate performance gaps.expose_contradiction
Open slide detailBeat · AgitateLoop · Cost Of Inaction
26
Uses a simple input-output process flow to highlight the failure of R&D investment.expose_contradiction
Open slide detailBeat · AgitateLoop · Cost Of Inaction
27
The slide uses a combination of bar charts for revenue/EBITDA trends and a comparison bar chart for ROIC vs WACC to highlight value destruction.expose_contradiction
Open slide detailBeat · AgitateLoop · Cost Of Inaction
28
Uses a rhetorical question to frame the contradiction.expose_contradiction
Open slide detailBeat · AgitateLoop · Cost Of Inaction
29
The slide uses a comparison-style layout to link specific governance provisions to their negative effects on shareholder value.name_villain
Open slide detailBeat · AgitateLoop · Cost Of Inaction
30
diagnose_problem
Open slide detailBeat · AgitateLoop · Cost Of Inaction
31
transition
Open slide detailBeat · AgitateLoop · Cost Of Inaction
32
summarize
Open slide detailBeat · AgitateLoop · Cost Of Inaction
33
Uses a classic 'Rhetoric vs. Reality' table structure to undermine management credibility.expose_contradiction
Open slide detailBeat · AgitateLoop · Cost Of Inaction
34
The slide uses a series of bullet points to build a case for management opacity, culminating in a callout box summarizing the thesis.expose_contradiction
Open slide detailBeat · AgitateLoop · Cost Of Inaction
35
The slide uses a table to contrast DuPont's claim that Trian's analysis is unreliable with the reality of DuPont's own inconsistent reporting.expose_contradiction
Open slide detailBeat · AgitateLoop · Cost Of Inaction
36
Uses a quote-based narrative to expose management obfuscation.expose_contradiction
Open slide detailBeat · AgitateLoop · Cost Of Inaction
37
The slide uses a numbered list format to present evidence of financial reporting manipulation.expose_contradiction
Open slide detailBeat · AgitateLoop · Cost Of Inaction
38
The slide uses a 3-column matrix structure to frame the activist's narrative of past success and future opportunity.compare_peers
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
39
The slide uses a preemptive rebuttal strategy by addressing the 'intrusive' narrative and countering it with evidence of long-term collaborative relationships.present_solution
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
40
Uses a bar chart with an arrow to highlight the 2.4x growth multiplier.analyze_data
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
41
The table categorizes investments into 'Core Trian Investments' and 'Other Trian Investments' based on ownership percentage.cite_precedent
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
42
Includes call to action to vote the gold proxy card.front_matter
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
43
appendix
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
44
introduce_nominees
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
45
The slide uses a checkmark-based table to validate specific experience categories.introduce_nominees
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
46
Includes a disclaimer regarding past performance and a source citation.cite_precedent
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
47
Includes a disclaimer regarding the applicability of this past performance to future investments (DuPont).cite_precedent
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
48
Includes a testimonial from the CEO of Wendy's.cite_precedent
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
49
Includes a disclaimer regarding past performance and specific financial definitions.cite_precedent
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
50
introduce_nominees
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
51
introduce_nominees
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
52
Includes a CAGR arrow and historical AUM data points.cite_precedent
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
53
introduce_nominees
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
54
The slide uses a checkmark column to validate each area of expertise.introduce_nominees
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
55
Includes a table of key financial metrics and a bar chart comparing shareholder returns against peers.illustrate_case
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
56
introduce_nominees
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
57
introduce_nominees
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
58
The slide uses a combination of bar charts and a waterfall-style bridge to illustrate performance metrics and valuation uplift.cite_precedent
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
59
Includes logos of Trian Partners, BNY Mellon, The Wendy's Company, and Family Dollar.introduce_nominees
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
60
transition
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
61
Uses a numbered list to contrast Trian-related events with macro-driven events.expose_contradiction
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
62
Uses a side-by-side comparison to frame management's track record as value-destructive.expose_contradiction
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
63
The table tracks stock change in both absolute dollar terms and percentage, comparing DuPont against the S&P 500 benchmark.analyze_data
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
64
The table tracks stock performance on the day following specific corporate announcements compared to the S&P 500.analyze_data
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
65
appendix
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
66
The slide uses a Trian Partners branded background and includes a call to action at the bottom.illustrate_case
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
67
Used to preemptively rebut the argument that activist investors cut capex.cite_precedent
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
68
The slide uses a blue background with the Trian logo and a call to action at the bottom.illustrate_case
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
69
Trian Partners branding; campaign slogan 'DUPONT CAN BE GREAT' and call to action 'VOTE THE GOLD PROXY CARD' included.illustrate_case
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
70
The slide uses a Trian Partners branded background and includes a call-to-action at the bottom.illustrate_case
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
71
cite_precedent
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
72
Trian Partners branding; includes call to action at the bottom.cite_precedent
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
73
The slide uses a Trian Partners branded background and includes a call to action at the bottom.summarize
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
74
The slide uses a quote to build credibility for the activist firm.summarize
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
75
The slide uses a Trian Partners branded background and includes a call to action at the bottom.illustrate_case
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
76
The slide uses a quote to build credibility for the activist firm.summarize
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
77
illustrate_case
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
78
The slide uses a quote to establish credibility and reputation for the activist firm.illustrate_case
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
79
The slide uses a Trian Partners branded background with a quote from a former colleague to build credibility.illustrate_case
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
80
The slide uses a quote to validate the activist's thesis that the company needs external help to overcome internal inertia.cite_precedent
Open slide detailBeat · SolutionLoop · Quick Win Big Bet
81
The slide uses a Trian Partners branded background with a pull-quote format.illustrate_case
82
Uses Trian Partners branding and a call to action for the gold proxy card.illustrate_case
83
Uses a third-party endorsement to preempt the 'short-term activist' narrative.summarize
85
The slide uses two distinct mathematical approaches to derive a total excess cost figure, highlighting a significant discrepancy between Axalta and DuPont's repquantify_opportunity
86
Uses a 'bottom-up' approach based on employee count allocation to validate the existence of excess costs even under conservative assumptions.preempt_rebuttal
87
summarize