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Sandell Asset Management · activist-deck

Bob Evans Farms, Inc. (BOBE)

21 pages · 3 arc beats · 2 loops

Activist-Deck Download JSON
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Bob Evans Farms, Inc. (BOBE)

Sandell Asset Management · 2013-09
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 1
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

3
coverage by narrative range · generated from this deck JSON
Narrative range 13 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem (Identify pain) 5 slides 100% 5/5 slides 100% 5/5 slides · 19 hits
— 0/5 slides
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40% 2/5 slides 100% 5/5 slides
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Agitate (Make it worse) 3 slides 100% 3/3 slides 100% 3/3 slides · 20 hits
— 0/3 slides
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100% 3/3 slides 100% 3/3 slides 33.3% 1/3 slides Solution (Provide relief) 5 slides 100% 5/5 slides 100% 5/5 slides · 44 hits
— 0/5 slides
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40% 2/5 slides 100% 5/5 slides
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Slide inventory

21
every slide · same image gating as the playbook
01
Slide 1
front_matter
Open slide detailBeat · Problem (Identify pain)
02
other
Open slide detailBeat · Problem (Identify pain)
03
The slide outlines a classic activist 'breakup' thesis involving segment separation, real estate monetization, and capital return.summarize
Open slide detailBeat · Problem (Identify pain)
04
The slide outlines a specific financial thesis involving a $1.08B proceeds target and a projected stock price range of $73-$84.summarize
Open slide detailBeat · Problem (Identify pain)
05
establish_context
Open slide detailBeat · Problem (Identify pain)
06
The map highlights the concentration of restaurants in the Midwest and Eastern US.establish_context
Open slide detail
07
The slide highlights the aggressive increase in capital expenditures associated with the restaurant remodeling initiative.analyze_data
Open slide detail
08
Includes a bar chart showing the progression of restaurant remodels from FY11 to FY14E.propose_solution
Open slide detail
09
The slide uses two pie charts to illustrate the shift in product sales mix over a four-year period.decompose_segments
Open slide detail
10
Includes a 'No Mitigation' data point for FY12 to contrast with adjusted performance.analyze_data
Open slide detailLoop · Before After
11
The slide uses a standard EV bridge calculation to derive the valuation multiple.quantify_opportunity
Open slide detail
12
The slide presents two distinct peer groups: Family-Dining Restaurants and Packaged Food Companies.compare_peers
Open slide detail
13
The chart is a Bloomberg terminal export showing normalized stock price performance from 2010 to 2013.compare_peers
Open slide detailBeat · Agitate (Make it worse)
14
The chart is a Bloomberg terminal export showing normalized stock price performance from 2008 to 2013.compare_peers
Open slide detailBeat · Agitate (Make it worse)
15
The slide uses a table to highlight negative comp store sales as evidence of poor management.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)Loop · Cost Of Inaction
16
Includes a specific quote from Hillshire Brands CFO to support the M&A thesis.propose_solution
Open slide detailBeat · Solution (Provide relief)
17
Part of an activist investor presentation by Sandell Asset Management.propose_solution
Open slide detailBeat · Solution (Provide relief)
18
The slide uses external citations (Ruby Tuesday, CL King, Stephens Inc., 10-K) to validate the $722.9M valuation estimate.preempt_rebuttal
Open slide detailBeat · Solution (Provide relief)
19
Part of a multi-step activist proposal for Bob Evans Farms.propose_solution
Open slide detailBeat · Solution (Provide relief)
20
The slide calculates equity value by adjusting EBITDA for rent, adding cash/proceeds, and subtracting debt, then dividing by pro-forma shares.show_valuation_bridge
Open slide detailBeat · Solution (Provide relief)
21
cite_precedent
Open slide detail