Marcato Capital Management · conference-presentation
Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)
69 pages · 0 arc beats · 0 loops
Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)
Marcato Capital Management · 2012-10 arc beats above · slides in the middle · loops below · scroll → 0 LOOPS
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Deck intelligence map
1 coverage by narrative range · generated from this deck JSON
Narrative range 69 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Whole deck 69 slides 100% 69/69 slides 100% 69/69 slides · 368 hits — 0/69 slides
27.5% 19/69 slides · 21 hits 15.9% 11/69 slides — 0/69 slides
— 0/69 slides
Slide inventory
69 every slide · same image gating as the playbook
03
The slide highlights a specific accounting mechanism (GAAP Codification Section 360) that creates a discrepancy between book value and market value.frame_situation
06
Slide provides a high-level company profile for an investment presentation.establish_context
08
The slide uses arrows to map accounting line items (Inventories, Investments in Affiliates, Real Estate Developments, Property - net) to descriptive business caanalyze_data
09
The slide uses a vertical axis to represent valuation difficulty, ranging from 'Easy to Value' to 'Harder to Value'.analyze_data
10
Includes a red circle highlighting the final valuation range of $408m-$442m.show_valuation_bridge
11
Includes a red oval highlight around the $457m and $528m valuation figures.show_valuation_bridge
12
The table shows a significant discount (54.9%) of the current stock price relative to the estimated market value per share.show_valuation_bridge
14
The slide uses a bulleted list with custom triangle icons to detail the timeline and land usage of the Wailea development.illustrate_case
17
The table includes a footnote referencing a 2006 Goldman Sachs report for historical context.analyze_data
20
Includes a specific callout regarding a 2006 Goldman Sachs valuation of the Kukui'ula project.analyze_data
22
The slide highlights that the calculated equity value per share ($29.99) is essentially at parity with the current stock price ($30.00).show_valuation_bridge
23
The slide uses maps to visualize land distribution by type (Conservation, Ag/Pasture, Urban) for two islands.quantify_opportunity
25
The slide presents two distinct tables for Maui and Kauai land sales over the last 5 years.cite_precedent
26
The table includes footnotes explaining specific transaction contexts (forced sales, specific valuation inclusions).cite_precedent
28
The slide uses a sum-of-the-parts approach to value different land categories and agribusiness EBITDA.show_valuation_bridge
29
Includes a red circle highlighting the final equity value per share and premium to current stock price.show_valuation_bridge
32
The slide uses a red oval annotation to draw attention to the 'Real estate held for entitlement and leasing' line item.analyze_data
34
The slide uses a map to visually demonstrate the strategic location of the land asset.establish_context
36
The slide uses a map to visually contrast the location of the comparable land sale against the subject 'GY Land'.cite_precedent
39
The valuation methodology uses specific cap rates and per-acre estimates for different assets.show_valuation_bridge
40
The slide uses a timeline framework to demonstrate the longevity and stability of the company's product portfolio.present_framework
41
The table highlights consistent EBIT margins between 9.8% and 11.7% despite revenue growth.analyze_data
44
The slide uses a bridge table to justify a valuation multiple adjustment.show_valuation_bridge
46
Includes a red circle highlight around the final implied share price and premium.show_valuation_bridge
48
Includes ticker, price, market cap, TEV, 2011 revenue, 2011 FCF, and valuation multiples.establish_context
49
The slide uses a callout to link the 'Land and housing inventory' line item in the balance sheet to the pie chart breakdown.analyze_data
50
The slide uses a process flow diagram to explain the business model.present_framework
53
Dual-axis chart comparing U.S. (left axis) and Canada (right axis) housing starts.analyze_data
54
The chart shows U.S. prices peaking around 2006 and declining, while Canadian prices show consistent growth over the decade.analyze_data
55
The table uses a standard financial reporting format to compare profitability across regions.analyze_data
56
The slide uses a line chart for historical price trends and a bar chart for affordability ratios to contrast Alberta markets with major Canadian cities.analyze_data
60
The slide highlights a discrepancy between management's guidance and the analyst's conservative assumptions regarding U.S. land sales.analyze_data
62
The slide uses a peer benchmark table to demonstrate a competitive advantage in capital efficiency.compare_peers
64
The slide uses historical impairment data to argue that competitors have already adjusted their balance sheets to reflect market reality.compare_peers
66
The slide uses a standard financial 'comps' table format to support an investment thesis regarding valuation arbitrage.compare_peers
67
The table calculates implied share price using median multiples from comparable companies.show_valuation_bridge
68
The slide highlights a lack of analyst coverage for BRP compared to other companies in the sector.expose_gap