{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6db-ddf896d07230", "slug": "28c4bcbd50c8", "title": "Bob Evans Farms, Inc. (BOBE)", "subtitle": "Sandell Asset Management · 2013-09", "author": "Sandell Asset Management", "date": "2013-09-01 00:00:00", "pageCount": 21, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Bob Evans Farms, Inc.", "targetTicker": "BOBE", "document": { "id": "019dd923-622b-71dc-a6db-ddf896d07230", "slug": "28c4bcbd50c8", "title": "Bob Evans Farms, Inc. (BOBE)", "rawTitle": "Bob Evans Presentation Sep 2013", "authorId": "08_Sandell", "authorName": "Sandell Asset Management", "authorDisplay": "Sandell Asset Management", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2013-09-Sandell-Bob-Evans-Presentation-Sep-2013.pdf", "sourceUrl": "https://www.10xebitda.com/wp-content/uploads/2016/11/Sandell-Bob-Evans-Presentation-Sep-2013.pdf", "sourceDate": "2013-09-15 00:00:00", "presentationDate": "2013-09-01 00:00:00", "ingestedAt": "2026-04-22 17:11:52+00", "status": "ready", "pageCount": 21, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Bob Evans Farms, Inc.", "targetTicker": "BOBE", "metadata": { "local_root": "/tmp/legacy-images/28c4bcbd50c8", "activist_firm": "Sandell Asset Management", "origin_corpus": "contrarian", "extraction_seconds": 127.549241065979 } }, "coverage": { "pageCount": 21, "pagesIndexed": 21, "pagesWithImages": 21, "pagesWithMetadata": 21, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 139, "chartCount": 6, "metricSlides": 0, "toolMatches": 4, "documentToolMatches": 4, "frameworkMatches": 10, "arcMatches": 1, "beatMatches": 3, "loopMatches": 2, "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": "3fae2a87-90c6-4fa1-93b4-6506f70000b0", "evidence": "The deck follows a clear problem-agitate-solution structure, presenting the current situation, complicating factors, and proposed solutions.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:41.989867+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "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": 1, "name": "Problem (Identify pain)", "beatId": "b3ff6dc9-f774-4fc7-904e-80b905c8d04e", "matchId": "3fae2a87-90c6-4fa1-93b4-6506f70000b0", "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": "The executive summary and business overview highlight the current challenges and underperformance.", "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. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 15, "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": 13, "name": "Agitate (Make it worse)", "beatId": "0fe183b7-f48f-481f-bd6b-ee4e882f6d80", "matchId": "3fae2a87-90c6-4fa1-93b4-6506f70000b0", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The 3-year and 5-year under-performance and CEO reward for under-performance emphasize the need for change.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 20, "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": 16, "name": "Solution (Provide relief)", "beatId": "3f771d7b-69d3-4ead-9833-ee2a1b9a6d49", "matchId": "3fae2a87-90c6-4fa1-93b4-6506f70000b0", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The proposed steps to separate BEF Foods, extract value from real estate, and repurchase shares via a self-tender offer are presented as solutions.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 10, "loop": { "name": "21_before_after", "slug": "21-before-after", "status": "active", "bestFor": "Product demos, process improvements, ROI justification", "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison", "familyLabel": null, "categoryName": "Comparison", "categorySlug": "comparison" }, "matchId": "f8b447cb-079c-4a28-8425-920c641d3792", "evidence": "The before-after loop is used to illustrate the potential benefits of the proposed strategy.", "position": 0, "objective": "To show the potential for improvement", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:42.135855+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 15, "from": 15, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "aa07d834-4e7b-4407-9807-c2adb060ed45", "evidence": "The CEO reward for under-performance implies a cost of inaction.", "position": 1, "objective": "To highlight the cost of not taking action", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:42.171932+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "f3154a39-f008-45db-a19b-a688b60b28f6", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "471ea2f2-e45f-4664-8456-72d122cb9593", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "ca2cab24-b1fe-4586-8753-e89d426dc198", "evidence": "Steven A. Davis (CEO & Chairman)", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "05b2430c-f9fc-43a6-bd34-550defc6639a", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "e43c7a24-2347-4d24-9273-561eaa05ec71", "evidence": "Proposes separating food products business and sale-leaseback of real estate to unlock value.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 21:02:15.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "breakup-spinoff" }, { "matchId": "74bde1de-3d0b-4384-a162-d57527098945", "evidence": "The slide is explicitly titled Executive Summary and provides a high-level overview of the investment thesis.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:02:14.653+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "executive-summary" }, { "matchId": "8e745bfa-61c8-4772-8652-a28ea5970ed5", "evidence": "Visual bridge showing growth from FY09 to FY13 with operational drivers listed in between.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:02:17.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "before-after-bridge" }, { "matchId": "34b5d9c9-a4d1-4a4a-a88a-e1bcd42912c1", "evidence": "Compares valuation multiples across two distinct industry peer groups.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:02:19.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "comparison_frame" }, { "matchId": "902626c0-f6a9-4508-bcbe-8502a19589f7", "evidence": "Comparing stock performance against a peer group to establish under-performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:02:16.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "comparison-frame" }, { "matchId": "7b05ec93-506c-49ee-85e0-31dd099984d8", "evidence": "Comparing stock performance of target company against a peer group to highlight under-performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:02:19.044+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "comparison-frame" }, { "matchId": "60a07d03-45ca-4658-9b0b-7daf473dda45", "evidence": "Contrasts CEO compensation/tenure extension with poor operational performance and financial loss.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:02:17.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "60827314-a66f-4591-864a-b9e07b529e7f", "evidence": "Proposing separation of business units to unlock valuation", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:02:19.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "breakup-spinoff" }, { "matchId": "d043924d-10af-44ef-8a57-137bc1f91d25", "evidence": "Citing CL King, Stephens Inc., and 10-K filings to validate valuation assumptions.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:02:18.94+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "authority-citation" }, { "matchId": "70f0298c-0da9-412c-a506-c44cc8c59f42", "evidence": "Table of comparable M&A transactions used to justify valuation or strategic potential.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:02:18.48+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "precedent_table" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "analytical", "notes": "Initial public thesis from Sandell's Castlerigg Investments vehicle; 5.1% stake disclosed in the disclaimer. Classic three-step playbook: spin packaged-foods segment, sale-leaseback of restaurant real estate, self-tender. Cites equity-research anchors (CL King, Stephens) for the $800mm-$1bn real-estate value claim and Hillshire CFO commentary as M&A signaling. Villain framing is explicit: CEO Steven A. Davis named, 4-year contract extension flagged as reward-for-failure alongside the $133mm Mimi's Café loss. Deck is text- and table-heavy with minimal editorial craft; no cover-slide drama, no big headline visuals, but peer-gap Bloomberg charts and a sum-of-parts bridge do the argumentative work.", "kpisCited": [ { "detail": "Bob Evans 8.7x vs family-dining peers 9.1x and packaged-food peers 9.9x", "metric": "EV / FY2014E EBITDA" }, { "detail": "Bob Evans has lagged family-dining peers by as much as 41.1%", "metric": "3-year relative stock performance" }, { "detail": "Bob Evans has lagged peers by as much as 150.5%", "metric": "5-year relative stock performance" }, { "detail": "482 of 560 restaurants owned (86.1%), implying $722.9mm sale-leaseback proceeds at a 7% cap rate", "metric": "Owned-restaurant count" }, { "detail": "$50.7mm at 11.0x yields $557.7mm in separation proceeds", "metric": "BEF Foods FY2014E EBITDA" }, { "detail": "Negative every year FY2008-FY2012 (-2.4% to -7.2%)", "metric": "Mimi's Café comp-store sales" }, { "detail": "Bought for $183mm in 2004, sold for $50mm in Feb 2013 — a $133mm loss", "metric": "Mimi's Café disposal loss" }, { "detail": "Capex rose from $51.3mm (FY2010) to $187.5mm (FY2014E) as 100% of stores are remodeled", "metric": "Farm Fresh Refresh capex" } ], "closingAsk": "Bob Evans, as a pure-play family-dining restaurant company after separating BEF Foods and remodeling its store base, could also be an attractive acquisition candidate.", "extraction": { "at": "2026-04-22 17:11:52+00", "model": "unknown-legacy", "runId": null, "seconds": 127.54924, "promptVersion": null }, "scqaReward": "Pro-forma valuation lands between $73 and $84 per share, averaging $78.50 — roughly 38% upside versus the $57.03 stock price as of 9/19/13, with further M&A optionality on the remaining pure-play restaurant company.", "thesisTypes": [ "breakup_spinoff", "capital_return", "undervaluation", "multiple_rerating", "management_change" ], "top3Reasons": [ "Conglomerate discount: restaurants + packaged foods trade below both peer groups", "482 owned restaurant properties hide ~$723mm in real-estate value via sale-leaseback", "3-step plan (spin BEF, sale-leaseback, self-tender) yields ~$78.50/share vs $57 today" ], "scqaSituation": "Bob Evans Farms is a $1.3bn-revenue conglomerate pairing 560 family-dining restaurants with BEF Foods packaged goods, owning the real estate under 86% of its restaurants and trading at 8.7x FY2014E EBITDA.", "thesisSummary": "Bob Evans Farms is a two-segment business — 560 family-dining restaurants and BEF Foods packaged goods — trading at 8.7x FY2014E EBITDA, a steep discount to both 9.1x family-dining peers and 9.9x packaged-food peers. Sandell argues CEO/Chairman Steven A. Davis has presided over 3- and 5-year under-performance of up to 41% and 150% respectively, including the $133mm write-down on the Mimi's Café disposal, yet received a 4-year contract extension. The proposed three-step unlock spins or sells BEF Foods at ~11x EBITDA for $558mm, monetizes 482 owned restaurant properties via sale-leaseback at a 7% cap rate for $723mm, and deploys 75% of the combined $1.08bn into a self-tender at $58/share. Pro-forma valuation yields a price range of $73-$84/share, averaging $78.50, versus $57.03 today.", "primaryDemands": [ "Separate BEF Foods packaged-foods business via sale or spin-off", "Execute a sale-leaseback of the 482 owned Bob Evans restaurant properties", "Use ~75% of the ~$1.08bn proceeds to fund a large self-tender at $58/share", "Address CEO/Chairman Steven A. Davis accountability after years of under-performance" ], "scqaResolution": "Separate BEF Foods via sale or spin-off, execute a sale-leaseback of the 482 owned restaurant properties, and deploy 75% of the $1.08bn proceeds into a self-tender at $58 per share.", "thesisOneLiner": "Bob Evans trades at a conglomerate discount; spinning BEF Foods, monetizing 482 owned restaurants via sale-leaseback, and tendering at $58 unlocks ~$78.50/share.", "precedentsCited": [ "Ralcorp acquisition at 12.5x EBITDA", "Heinz acquisition at 14.3x EBITDA", "Ruby Tuesday sale-leaseback at ~6.25-6.7% cap rates", "Benihana, PF Chang's, O'Charley's and California Pizza Kitchen take-privates" ], "scqaComplication": "The mixed business model creates a conglomerate discount, the stock has lagged peers by up to 41% over 3 years and 150% over 5 years, and CEO Steven Davis was extended despite the $133mm Mimi's Café write-down.", "narrativeInterest": 4, "notableSlidePages": [ 3, 11, 12, 13, 16, 20 ], "peerCompaniesCited": [ "Brinker International", "Cracker Barrel", "Denny's", "DineEquity", "Campbell Soup Company", "ConAgra Foods", "Hillshire Brands", "Hormel", "Ruby Tuesday", "Benihana", "PF Chang's", "O'Charley's", "California Pizza Kitchen" ], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison", "precedent_transactions" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/IJex8d5O-_eofJh0aPpVoZnq69lluLNve8bJ7oQUP64/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yOGM0YmNiZDUwYzgvcDAwMS5qcGc", "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": "sparse", "densityScore": 16, "componentCount": 5, "textChars": 156, "nDataPoints": 0, "notes": null, "elementsJson": [ "logo_grid", "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:14.126+00", "seconds": 2.207, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/1", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.66, "x": 0.17, "y": 0.3 }, "kind": "image", "text": "Sandell Asset Management logo", "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": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:14.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32be4aa8-a51a-4377-91d0-a87d6d434966", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.25, "x": 0.66, "y": 0.69 }, "kind": "image", "text": "Bob Evans Farms logo", "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": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:14.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78944628-e770-4d9a-a607-e30815a305a2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.15, "y": 0.73 }, "kind": "paragraph", "text": "Prepared by Sandell Asset Management Corp.", "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": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:14.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5cd212f5-ae88-4ee9-b6e8-d07408f6689e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.15, "y": 0.79 }, "kind": "paragraph", "text": "September 2013", "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": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:14.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0f94d63-949e-4108-8e83-56179c1f553a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.15, "y": 0.67 }, "kind": "title", "text": "Bob Evans Farms, Inc. – Enhancing Shareholder Value", "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 21:02:14.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "201d74d4-ff68-458a-9004-987480304f0c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "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": 1, "name": "Problem (Identify pain)", "beatId": "b3ff6dc9-f774-4fc7-904e-80b905c8d04e", "matchId": "3fae2a87-90c6-4fa1-93b4-6506f70000b0", "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": "The executive summary and business overview highlight the current challenges and underperformance.", "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. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/igqUjHp1fO8HZ1TGB3A_2HvU_EFlw_-2jio_GBI9Z-8/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yOGM0YmNiZDUwYzgvcDAwMS5qcGc", "imagePathAlt": "https://imgproxy.kitesheet.com/FmKe97Fw7w_PNQYNQfgCm5B23cga8PUjQBrSm4km_6g/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yOGM0YmNiZDUwYzgvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/sJg5Oxod-QPOYeoCTFlWmFx8Q3KJESJUrxKGiMx-B3o/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yOGM0YmNiZDUwYzgvcDAwMS5wbmc" }, { "page": 2, "type": "setup", "function": "other", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 7, "componentCount": 2, "textChars": 69, "nDataPoints": 1, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:14.173+00", "seconds": 2.067, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/2", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-2", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": { "h": 0.68, "w": 0.84, "x": 0.08, "y": 0.18 }, "kind": "disclaimer", "text": "THIS PRESENTATION WITH RESPECT TO BOB EVANS FARMS, INC. ...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:14.173+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32f20220-2141-4ab6-8fd6-341239b1732d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.12, "x": 0.08, "y": 0.09 }, "kind": "title", "text": "Disclaimer", "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 21:02:14.173+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4dcc65cc-c380-4252-88d2-1a60ec50c06f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "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": 1, "name": "Problem (Identify pain)", "beatId": "b3ff6dc9-f774-4fc7-904e-80b905c8d04e", "matchId": "3fae2a87-90c6-4fa1-93b4-6506f70000b0", "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": "The executive summary and business overview highlight the current challenges and underperformance.", "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. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 3, "type": "setup", "title": "The slide outlines a classic activist 'breakup' thesis involving segment separation, real estate monetization, and capital return.", "function": "summarize", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 4, "textChars": 965, "nDataPoints": 1, "notes": "The slide outlines a classic activist 'breakup' thesis involving segment separation, real estate monetization, and capital return.", "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:15.715+00", "seconds": 3.594, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/3", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-3", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe that Bob Evans Farms, Inc. (\"Bob Evans\" or the \"Company\") is materially undervalued, as its stock price does not reflect the intrinsic value of its underlying assets", "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 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f6-4eb0274ee04e", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.9, "x": 0.05, "y": 0.19 }, "kind": "list", "text": "We believe that Bob Evans Farms, Inc. is materially undervalued... The Company suffers from a conglomerate discount... The stock price has under-performed... The CEO has been awarded a 4-year extension... The Company's stock price does not reflect the significant embedded value... While the Company's recent incremental $150 million share repurchase authorization is a positive, the Company has the ability to return substantially more cash to its shareholders.", "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 21:02:15.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "220e774d-016d-4744-8ea5-1fbff740d6ed", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.64 }, "kind": "list", "text": "We believe the Company should take a multi-step approach in order to realize this value: Step 1: The Company should separate its food products business... Step 2: The Company should unlock the value embedded in its many owned restaurant properties... Step 3: The Company should implement a large self-tender...", "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 21:02:15.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c8a4c44-4bcc-4d6a-85da-a3996af6b9ff", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.22, "x": 0.05, "y": 0.09 }, "kind": "title", "text": "Executive Summary", "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 21:02:15.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56bcec6d-abb9-4729-9c17-66f3069e3e5d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e43c7a24-2347-4d24-9273-561eaa05ec71", "evidence": "Proposes separating food products business and sale-leaseback of real estate to unlock value.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 21:02:15.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "breakup-spinoff" } ], "arcBeats": [ { "to": 5, "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": 1, "name": "Problem (Identify pain)", "beatId": "b3ff6dc9-f774-4fc7-904e-80b905c8d04e", "matchId": "3fae2a87-90c6-4fa1-93b4-6506f70000b0", "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": "The executive summary and business overview highlight the current challenges and underperformance.", "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. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 4, "type": "setup", "title": "The slide outlines a specific financial thesis involving a $1.08B proceeds target and a projected stock price range of $73-$84.", "function": "summarize", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 36, "componentCount": 4, "textChars": 825, "nDataPoints": 4, "notes": "The slide outlines a specific financial thesis involving a $1.08B proceeds target and a projected stock price range of $73-$84.", "elementsJson": [ "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:14.653+00", "seconds": 2.336, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/4", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-4", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "A potential post-tender stock price of between approximately $73 per share and $84 per share, or an average price of $78.50 per share, could be justified.", "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 22:54:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f5-b3a0c8a3b16c", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.19 }, "kind": "list", "text": "We believe that significant value can be delivered to the shareholders of Bob Evans. If Bob Evans were to pursue Step 1, Step 2, and Step 3, we believe the Company could generate approximately $1.08 billion in proceeds and use 75% of such proceeds to repurchase its shares at $58 per share and be left with a well-positioned, pure-play restaurant company with significant cash on its balance sheet that would likely realize a positive re-rating by the investment community. A potential post-tender stock price of between approximately $73 per share and $84 per share, or an average price of $78.50 per share, could be justified.", "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 21:02:14.653+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d1a3223-c8f5-4cd6-9351-740906548479", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "target share price: $78.50", "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 22:54:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f5-b566599bc0d2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.22, "x": 0.05, "y": 0.09 }, "kind": "title", "text": "Executive Summary", "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 21:02:14.653+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ba58861-a1b9-467f-b9dc-66a5333a564a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "74bde1de-3d0b-4384-a162-d57527098945", "evidence": "The slide is explicitly titled Executive Summary and provides a high-level overview of the investment thesis.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:02:14.653+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "executive-summary" } ], "arcBeats": [ { "to": 5, "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": 1, "name": "Problem (Identify pain)", "beatId": "b3ff6dc9-f774-4fc7-904e-80b905c8d04e", "matchId": "3fae2a87-90c6-4fa1-93b4-6506f70000b0", "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": "The executive summary and business overview highlight the current challenges and underperformance.", "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. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 5, "type": "setup", "function": "establish_context", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "balanced", "densityScore": 26, "componentCount": 4, "textChars": 432, "nDataPoints": 18, "notes": null, "elementsJson": [ "paragraph", "kpi_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:16.97+00", "seconds": 4.478, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/5", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-5", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "Net Sales: $1,330.2", "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 22:54:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f5-ed42bce35f0d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Bob Evans Farms, Inc. is comprised of two business segments: Bob Evans Restaurants and BEF Foods. Bob Evans Restaurants operates 560 full-service family-dining restaurants located in 19 states. BEF Foods produces a broad line of packaged food products sold at over 30,000+ retail locations in 50 states, as well as Canada and Mexico.", "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": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:16.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9be48bf1-c778-4201-a4d4-17c7cbf1c20a", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.8, "x": 0.1, "y": 0.3 }, "kind": "table", "text": "Net Sales, EBITDA, and Operating Income for FY 2013 by segment.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:16.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a74b16a-af62-4471-a06a-a64006872493", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.1 }, "kind": "title", "text": "Business Overview", "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 21:02:16.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebbfd408-6d8b-44a3-b109-bda02a9189f4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "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": 1, "name": "Problem (Identify pain)", "beatId": "b3ff6dc9-f774-4fc7-904e-80b905c8d04e", "matchId": "3fae2a87-90c6-4fa1-93b4-6506f70000b0", "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": "The executive summary and business overview highlight the current challenges and underperformance.", "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. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 6, "type": "setup", "title": "The map highlights the concentration of restaurants in the Midwest and Eastern US.", "function": "establish_context", "rawType": "geographic_map", "block": null, "metadata": { "slideType": "geographic_map", "slideTypeCanon": { "name": "Geographic map", "slug": "geographic_map", "status": "active", "canonId": "019de52d-09de-7153-8845-584c1a9d0c83", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 6, "textChars": 468, "nDataPoints": 20, "notes": "The map highlights the concentration of restaurants in the Midwest and Eastern US.", "elementsJson": [ "headline_text", "bullet_list", "callout_box", "map" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:16.841+00", "seconds": 3.719, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/6", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-6", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.26, "x": 0.37, "y": 0.34 }, "kind": "callout", "text": "560 Restaurants\n19 States\nAs of 7/26/13", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:16.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "995ea032-dc9a-4410-845d-01fe180678dd", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "560 Restaurants 19 States As of 7/26/13", "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 22:54:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f5-c5fa87f37054", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.54, "x": 0.23, "y": 0.43 }, "kind": "image", "text": null, "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": "Map", "slug": "map", "status": "active", "canonId": "019de52c-fe4d-77bd-b0a4-d72d58b9e5a4", "version": 1, "description": null }, "framework": null }, "subkind": "map", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:16.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2125322f-d66c-4b00-a38d-07f86267a63a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.24 }, "kind": "list", "text": "Bob Evans Restaurants is a full-service, family-dining restaurant chain featuring a wide variety of menu items and a significant presence in the mid-western United States, as is illustrated by the following map:", "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 21:02:16.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14c1ea67-8238-43a0-9bb8-b33dcdb7ffd4", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.15 }, "kind": "list", "text": "Bob Evans Restaurants is the restaurant business of Bob Evans Farms, Inc. (The Company sold its other restaurant concept, Mimi's Cafes, on February 15, 2013.)", "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 21:02:16.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f820cc78-2510-4010-8b5b-e9aa0e9f8298", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.02, "y": 0.09 }, "kind": "title", "text": "Bob Evans Restaurants", "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 21:02:16.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d0814d1-f12c-4b05-b13e-0c9404e78aeb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 7, "type": "appendix", "title": "The slide highlights the aggressive increase in capital expenditures associated with the restaurant remodeling initiative.", "function": "analyze_data", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 6, "textChars": 1045, "nDataPoints": 10, "notes": "The slide highlights the aggressive increase in capital expenditures associated with the restaurant remodeling initiative.", "elementsJson": [ "headline_text", "bullet_list", "kpi_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:16.46+00", "seconds": 3.062, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/7", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-7", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "Total Capital Expenditures: $187.5MM", "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 22:54:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f5-daeceb1a823c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.32 }, "kind": "paragraph", "text": "In order to increase revenue, Bob Evans has embarked on an aggressive “Farm Fresh Refresh” program to remodel its restaurants. Beginning in Fiscal 2010, the Company has seen an increase in its capital expenditures to $135.4 million for Fiscal 2013, due in large part to the acceleration of its Farm Fresh Refresh initiative, and the Company expects to spend between $175 million to $200 million in Fiscal 2014E as it completes its Farm Fresh Refresh efforts.", "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": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:16.46+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e057a8a-411f-4260-bf20-880db4f39dda", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.18 }, "kind": "paragraph", "text": "Bob Evans Restaurants are generally open from 6:00 AM or 7:00 AM until 9:00 PM or 10:00 PM Sunday through Thursday, with extended hours on Friday and Saturday at some locations. As such, the restaurant business is not dependent upon any particular day-part and in Fiscal 2013 breakfast, lunch, and dinner accounted for 30%, 37%, and 30% of total Bob Evans Restaurant revenue, respectively.", "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": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:16.46+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b464bcd4-4164-49fe-9729-b6d023af4592", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.76, "x": 0.12, "y": 0.48 }, "kind": "table", "text": "Total Capital Expenditures and # of Farm Fresh Remodels by fiscal year from 2010 to 2014E.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:16.46+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "594c9248-c8c8-47a7-a0eb-caac6deb0b92", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.55, "x": 0.02, "y": 0.02 }, "kind": "title", "text": "Bob Evans Farms, Inc. - Enhancing Shareholder Value", "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 21:02:16.46+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "251ae315-2ab5-40db-bf18-6ca8e0036f25", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.02, "y": 0.09 }, "kind": "title", "text": "Bob Evans Restaurants", "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 21:02:16.46+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41659800-38f7-4ead-81d8-4ea733dfd30f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 8, "type": "setup", "title": "Includes a bar chart showing the progression of restaurant remodels from FY11 to FY14E.", "function": "propose_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 6, "textChars": 1049, "nDataPoints": 8, "notes": "Includes a bar chart showing the progression of restaurant remodels from FY11 to FY14E.", "elementsJson": [ "headline_text", "bullet_list", "bar_chart_vertical", "photo", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:19.61+00", "seconds": 6.168, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/8", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-8", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Bob Evans has targeted a 20%+ ROI on the capital expended on its Farm Fresh remodels and hopes to drive carryout and bakery sales to 25% of sales by Fiscal 2018, from 11% of sales in Fiscal 2013, for a $300 million market opportunity.", "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 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f6-d2f598e52b79", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.52, "x": 0.24, "y": 0.29 }, "kind": "chart", "text": "Farm Fresh Refresh Remodels: Complete by 2014", "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": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:19.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11fa3d05-4242-44ed-8c99-380ce8c4ec09", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "ROI: 20%", "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 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f6-d7a750e548a7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.15 }, "kind": "paragraph", "text": "The remodeled “Farm Fresh” restaurants feature a new “Taste the Farm” bakery section and a dedicated carryout area. The Company has spent approximately $225,000 per refreshed restaurant and expects to have 100% of its restaurants remodeled by the end of Fiscal 2014 (April 2014).", "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": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:19.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1fdf9593-0ab9-4089-a53d-9460e424005b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.08, "y": 0.77 }, "kind": "paragraph", "text": "In Fiscal 2013, remodeled Farm Fresh Refresh restaurants contributed approximately +3.7% in sales increase, compared to non-refreshed restaurants, which recorded a same-store sales increase of +0.1%, as compared to Fiscal 2012. Bob Evans has targeted a 20%+ ROI on the capital expended on its Farm Fresh remodels and hopes to drive carryout and bakery sales to 25% of sales by Fiscal 2018, from 11% of sales in Fiscal 2013, for a $300 million market opportunity.", "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": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:19.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c92133c9-e891-4e15-acbe-1b3255dfbae1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.05, "y": 0.09 }, "kind": "title", "text": "Bob Evans Restaurants", "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 21:02:19.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a85712f6-ec42-47b3-9176-e11b5fc510f5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 9, "type": "setup", "title": "The slide uses two pie charts to illustrate the shift in product sales mix over a four-year period.", "function": "decompose_segments", "rawType": "segmentation", "block": null, "metadata": { "slideType": "segmentation", "slideTypeCanon": { "name": "Segmentation", "slug": "segmentation", "status": "active", "canonId": "019de52d-0917-75d5-9172-1b3b3c2f6400", "version": 1, "description": null }, "function": "decompose_segments", "functionCanon": { "name": "Decompose segments", "slug": "decompose_segments", "status": "active", "canonId": "019de52d-14f1-74f8-be75-beb0be1135ec", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 76, "componentCount": 10, "textChars": 797, "nDataPoints": 10, "notes": "The slide uses two pie charts to illustrate the shift in product sales mix over a four-year period.", "elementsJson": [ "headline_text", "bullet_list", "pie_chart" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:16.845+00", "seconds": 3.065, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/9", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-9", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "BEF Foods has continued to reduce its reliance on the sale of sausage, which accounted for just 30% of BEF Foods sales in Fiscal 2013.", "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 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f6-34a3992e60b8", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.46, "x": 0.52, "y": 0.45 }, "kind": "chart", "text": "FY 2013 Sales Mix (pounds)", "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": "Pie chart", "slug": "pie", "status": "active", "canonId": "019de52c-ffdb-71bb-a800-5c5ab9f1c373", "version": 1, "description": null }, "framework": null }, "subkind": "pie", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:16.845+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f8d9aa2-1da7-461e-825c-6485c029578a", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.46, "x": 0.02, "y": 0.45 }, "kind": "chart", "text": "FY 2009 Sales Mix (pounds)", "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": "Pie chart", "slug": "pie", "status": "active", "canonId": "019de52c-ffdb-71bb-a800-5c5ab9f1c373", "version": 1, "description": null }, "framework": null }, "subkind": "pie", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:16.845+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57220bc8-3b23-4385-bc5c-c9ae0f0d8d1e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.46, "x": 0.52, "y": 0.87 }, "kind": "metric", "text": "Sausage sales mix (all categories): 30%", "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": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:16.845+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5dd53996-db4d-4821-961b-faa2a7e0ac9d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.46, "x": 0.02, "y": 0.87 }, "kind": "metric", "text": "Sausage sales mix (all categories): 43%", "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": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:16.845+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca27805f-42aa-4855-b073-aeae5a9c521a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Sales Mix: 30%", "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 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f6-399b72cbf012", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.29 }, "kind": "paragraph", "text": "Bob Evans has grown the BEF Foods segment internally and through acquisition, having recently spent approximately $50 million in August of 2012 for the acquisition of the Kettle Creations brand...", "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": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:16.845+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8687980e-ca34-4610-8baa-b06405d1a78b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.19 }, "kind": "paragraph", "text": "BEF Foods offers a wide variety of food products under the Bob Evans and Owens brand names, with over 100 varieties of branded fresh, smoked and fully-cooked pork sausage and hickory-smoked bacon products and over 50 convenience food items...", "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": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:16.845+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ccb063bf-df3a-4c94-81c0-fcecfc7f06f9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.14 }, "kind": "paragraph", "text": "BEF Foods is the retail packaged foods business of Bob Evans Farms, Inc.", "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": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:16.845+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb796fad-6697-404b-9f49-45ba52e2035b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.12, "x": 0.02, "y": 0.09 }, "kind": "title", "text": "BEF Foods", "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 21:02:16.845+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2782ae8-7ecd-493e-bc86-257999d9860d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 10, "type": "evidence", "title": "Includes a 'No Mitigation' data point for FY12 to contrast with adjusted performance.", "function": "analyze_data", "rawType": "before_after", "block": null, "metadata": { "slideType": "before_after", "slideTypeCanon": { "name": "Before / after", "slug": "before_after", "status": "active", "canonId": "019de52d-11fd-771e-bb45-e27f849bc560", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 8, "textChars": 1115, "nDataPoints": 4, "notes": "Includes a 'No Mitigation' data point for FY12 to contrast with adjusted performance.", "elementsJson": [ "headline_text", "bullet_list", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:17.221+00", "seconds": 3.137, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/10", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-10", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "As a result of its efforts, BEF Foods is nearly 90% vertically integrated and recent restructuring initiatives have contributed to an increase in operating income for this segment from $16.0 million in Fiscal 2009 to $30.8 million in Fiscal 2013.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f6-8820287abfee", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.86, "x": 0.07, "y": 0.26 }, "kind": "chart", "text": "Adjusted Operating Income ($ millions)", "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": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:17.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e46ffd5-092b-48fd-a690-e024ab35756a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.71 }, "kind": "disclaimer", "text": "*FY 2009, FY 2012, and FY 2013 adjusted operating income are non-GAAP measures and include adjustments of $0.4 million, ($0.8) million and $168.3 million, respectively.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:17.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfd24870-8295-4cbf-96c4-fa8481135753", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.25, "x": 0.23, "y": 0.42 }, "kind": "list", "text": "Launched lean mfg. program; Transitioned from DSD to warehouse; Expanded side dish products; Optimized sausage plant network", "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 21:02:17.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "040ac271-5cb7-4831-ae97-c61722c732ab", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Adjusted Operating Income: $30.8", "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 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f6-8fb02c3ac21b", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.06, "y": 0.16 }, "kind": "paragraph", "text": "As a result of its efforts, BEF Foods is nearly 90% vertically integrated and recent restructuring initiatives have contributed to an increase in operating income for this segment from $16.0 million in Fiscal 2009 to $30.8 million in Fiscal 2013.", "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": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:17.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5585a448-c0d2-44a5-a7eb-6c0cc0a4df59", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.78 }, "kind": "paragraph", "text": "The Company aims to grow BEF Foods through new product introductions and hopes to reach 40,000 grocery stores in 2015 from 30,000+ currently. In addition, in order to achieve further margin improvement the Company is closing two food production plants.", "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": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:17.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3a2c494-63ad-4daf-a4d6-b9513609a42b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.12, "x": 0.03, "y": 0.09 }, "kind": "title", "text": "BEF Foods", "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 21:02:17.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7a922b8-adf6-4230-b5dd-35c6d5308f75", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "8e745bfa-61c8-4772-8652-a28ea5970ed5", "evidence": "Visual bridge showing growth from FY09 to FY13 with operational drivers listed in between.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:02:17.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "before-after-bridge" } ], "arcBeats": [], "loops": [ { "to": 10, "from": 10, "loop": { "name": "21_before_after", "slug": "21-before-after", "status": "active", "bestFor": "Product demos, process improvements, ROI justification", "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison", "familyLabel": null }, "matchId": "f8b447cb-079c-4a28-8425-920c641d3792", "evidence": "The before-after loop is used to illustrate the potential benefits of the proposed strategy.", "position": 0, "objective": "To show the potential for improvement", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:42.135855+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 11, "type": "setup", "title": "The slide uses a standard EV bridge calculation to derive the valuation multiple.", "function": "quantify_opportunity", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 7, "textChars": 617, "nDataPoints": 8, "notes": "The slide uses a standard EV bridge calculation to derive the valuation multiple.", "elementsJson": [ "valuation_table", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:16.638+00", "seconds": 2.523, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/11", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-11", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The Company is trading at a steep discount to both publicly-traded family-dining restaurant companies and packaged food companies, as is shown on the next page.", "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 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f6-5c838cfb1abf", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV/EBITDA: 8.7x", "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 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f6-629a379db5b8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.78 }, "kind": "paragraph", "text": "The Company is trading at a steep discount to both publicly-traded family-dining restaurant companies and packaged food companies, as is shown on the next page.", "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": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:16.638+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6c88e74-2fbd-48e3-81a7-5f1efe4e1b75", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.1, "y": 0.87 }, "kind": "source-note", "text": "(1) Internal estimates, adjusted for 1-time and other costs.", "attrs": { "numbered": true }, "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:16.638+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22006142-7b72-42ee-ad52-ec9b0a279e05", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.8, "x": 0.1, "y": 0.15 }, "kind": "table", "text": "Stock Price: $57.03; Shares: 27.3 MM; Market Value: $1,555.6; Debt: 215.5; Cash: (35.3); Mimi's Note: (30.0); EV: $1,705.8; EBITDA: $197.0; Multiple: 8.7x", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:16.638+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6c3f034-ef81-4239-90fd-da0dc8a64067", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.02, "y": 0.02 }, "kind": "title", "text": "Bob Evans Farms, Inc. – Enhancing Shareholder Value", "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 21:02:16.638+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3dc64ee0-f6d1-4722-b237-c12c74633d5d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.2, "x": 0.02, "y": 0.09 }, "kind": "title", "text": "Current Valuation", "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 21:02:16.638+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aba19dac-8457-4e4c-aa4d-f6d7854eaf30", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 12, "type": "setup", "title": "The slide presents two distinct peer groups: Family-Dining Restaurants and Packaged Food Companies.", "function": "compare_peers", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "sparse", "densityScore": 22, "componentCount": 4, "textChars": 257, "nDataPoints": 40, "notes": "The slide presents two distinct peer groups: Family-Dining Restaurants and Packaged Food Companies.", "elementsJson": [ "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:19.49+00", "seconds": 5.154, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/12", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-12", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "EV to FY2014E EBITDA: 9.1x", "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 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f6-a5809720b0b6", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.09, "y": 0.87 }, "kind": "source-note", "text": "Source: Bloomberg (9/19/13)", "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:19.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ab1f728-eb8a-4143-9cb4-caf51ae7d377", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.82, "x": 0.09, "y": 0.2 }, "kind": "table", "text": "Market Value, Enterprise Value (EV), FY2014E EBITDA, EV to FY2014E EBITDA for Brinker, Cracker Barrel, Denny's, DineEquity, Campbell, ConAgra, Hillshire, Hormel", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:19.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "faed4b9e-46a1-4ba5-a37a-6ddb2865940a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.09, "y": 0.09 }, "kind": "title", "text": "Publicly-Traded Comparable Company Valuation", "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 21:02:19.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bfcdebd4-d30b-470f-9445-9842f702ce06", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "34b5d9c9-a4d1-4a4a-a88a-e1bcd42912c1", "evidence": "Compares valuation multiples across two distinct industry peer groups.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:02:19.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 13, "type": "setup", "title": "The chart is a Bloomberg terminal export showing normalized stock price performance from 2010 to 2013.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 37, "componentCount": 6, "textChars": 446, "nDataPoints": 5, "notes": "The chart is a Bloomberg terminal export showing normalized stock price performance from 2010 to 2013.", "elementsJson": [ "headline_text", "line_chart", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:16.904+00", "seconds": 2.533, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/13", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-13", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Bob Evans has under-performed other selected publicly-traded family-dining restaurant peers, by as much as 41.1%, over the last 3 years.", "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 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f7-0960ac84244b", "parentComponentId": null }, { "bbox": { "h": 0.56, "w": 0.72, "x": 0.14, "y": 0.19 }, "kind": "chart", "text": "Normalized stock price performance of BOBE vs peers (EAT, CBRL, DENN, DIN) from 2010-2013", "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 21:02:16.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb4c23e3-5586-44f6-8618-402d07b7f63b", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.81 }, "kind": "list", "text": "Bob Evans has under-performed other selected publicly-traded family-dining restaurant peers, by as much as 41.1%, over the last 3 years.", "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 21:02:16.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4a4b160-8e98-47ed-90e2-04cce33449f8", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "stock performance: 41.1%", "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 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f7-0e89770596bd", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.56, "y": 0.74 }, "kind": "source-note", "text": "Copyright 2013 Bloomberg Finance L.P.", "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:16.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42fe4851-e740-4852-bf8f-4d757c707936", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.09 }, "kind": "title", "text": "3-Year Under-Performance", "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 21:02:16.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e94d0d49-8e3a-4a68-85ea-19ae932605ee", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "902626c0-f6a9-4508-bcbe-8502a19589f7", "evidence": "Comparing stock performance against a peer group to establish under-performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:02:16.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "comparison-frame" } ], "arcBeats": [ { "to": 15, "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": 13, "name": "Agitate (Make it worse)", "beatId": "0fe183b7-f48f-481f-bd6b-ee4e882f6d80", "matchId": "3fae2a87-90c6-4fa1-93b4-6506f70000b0", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The 3-year and 5-year under-performance and CEO reward for under-performance emphasize the need for change.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 14, "type": "setup", "title": "The chart is a Bloomberg terminal export showing normalized stock price performance from 2008 to 2013.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 5, "textChars": 531, "nDataPoints": 5, "notes": "The chart is a Bloomberg terminal export showing normalized stock price performance from 2008 to 2013.", "elementsJson": [ "headline_text", "line_chart", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:19.044+00", "seconds": 4.624, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/14", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-14", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The under-performance of Bob Evans over the last 5 years has been even more pronounced, as the Company has under-performed all selected publicly-traded family-dining restaurant peers by as much as 150.5%.", "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 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f6-b8b1d62744c0", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.76, "x": 0.12, "y": 0.19 }, "kind": "chart", "text": "Normalized stock performance chart of BOBE vs peers (EAT, CBRL, DENN, DIN)", "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 21:02:19.044+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d829185-a18b-4405-9762-3d84eb538081", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.06, "y": 0.8 }, "kind": "list", "text": "The under-performance of Bob Evans over the last 5 years has been even more pronounced, as the Company has under-performed all selected publicly-traded family-dining restaurant peers by as much as 150.5%.", "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 21:02:19.044+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c673c2c-ea16-4a9b-9f36-90a628a24e31", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "stock performance: 150.5%", "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 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f6-bf416c56e715", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.02, "y": 0.09 }, "kind": "title", "text": "5-Year Under-Performance", "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 21:02:19.044+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c0cb74c-9e2d-4382-b2b0-15d911a4626f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7b05ec93-506c-49ee-85e0-31dd099984d8", "evidence": "Comparing stock performance of target company against a peer group to highlight under-performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:02:19.044+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "comparison-frame" } ], "arcBeats": [ { "to": 15, "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": 13, "name": "Agitate (Make it worse)", "beatId": "0fe183b7-f48f-481f-bd6b-ee4e882f6d80", "matchId": "3fae2a87-90c6-4fa1-93b4-6506f70000b0", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The 3-year and 5-year under-performance and CEO reward for under-performance emphasize the need for change.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 15, "type": "tension", "title": "The slide uses a table to highlight negative comp store sales as evidence of poor management.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 9, "textChars": 935, "nDataPoints": 7, "notes": "The slide uses a table to highlight negative comp store sales as evidence of poor management.", "elementsJson": [ "headline_text", "bullet_list", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:17.731+00", "seconds": 3.229, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/15", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-15", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Mr. Davis has presided over the Company during many years of relative stock price under-performance, including the aforementioned 3-year and 5-year time periods.", "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 22:54:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f7-419f7383378f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.24 }, "kind": "list", "text": "Mr. Davis has presided over the Company during many years of relative stock price under-performance, including the aforementioned 3-year and 5-year time periods.", "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 21:02:17.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47e893fb-c4e8-4ac6-989b-1d592a7f1daf", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.32 }, "kind": "list", "text": "As CEO, Mr. Davis had overseen the persistent poor results at the Mimi's Café restaurant chain:", "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 21:02:17.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "739864aa-45cd-49ce-a61c-2a6ac9a3d3cc", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "Steven A. Davis, who serves as both CEO and Chairman of the Board, was hired in May of 2006 and was recently awarded a 4-year extension to his employment agreement.", "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 21:02:17.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8988172-d11a-4068-9e74-16b232996e1b", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "list", "text": "Purchased for $183 million in July of 2004, Mimi's Café was sold for $50 million in February of 2013, realizing a $133 million loss.", "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 21:02:17.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cfd554b9-7d77-4345-9cb4-81a99d0ae70e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Comp. Store Sales: -133 million", "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 22:54:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f7-45115d5b29dc", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.27, "y": 0.39 }, "kind": "table", "text": "Mimi's Café - Comp. Store Sales FY 2012 -4.00% FY 2011 -4.50% FY 2010 -7.20% FY 2009 -7.20% FY 2008 -2.40%", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:17.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc0a1501-99a4-48d9-8d96-889475cd6841", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.02, "y": 0.09 }, "kind": "title", "text": "CEO Rewarded for Under-Performance", "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 21:02:17.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "515bfd56-1bdd-4766-81e3-9988af69a227", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.55, "x": 0.02, "y": 0.02 }, "kind": "title", "text": "Bob Evans Farms, Inc. - Enhancing Shareholder Value", "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 21:02:17.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5265b12a-d3fd-47cf-9895-883d35763878", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "60a07d03-45ca-4658-9b0b-7daf473dda45", "evidence": "Contrasts CEO compensation/tenure extension with poor operational performance and financial loss.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:02:17.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 15, "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": 13, "name": "Agitate (Make it worse)", "beatId": "0fe183b7-f48f-481f-bd6b-ee4e882f6d80", "matchId": "3fae2a87-90c6-4fa1-93b4-6506f70000b0", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The 3-year and 5-year under-performance and CEO reward for under-performance emphasize the need for change.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 15, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "aa07d834-4e7b-4407-9807-c2adb060ed45", "evidence": "The CEO reward for under-performance implies a cost of inaction.", "position": 1, "objective": "To highlight the cost of not taking action", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:42.171932+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 16, "type": "setup", "title": "Includes a specific quote from Hillshire Brands CFO to support the M&A thesis.", "function": "propose_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 92, "componentCount": 12, "textChars": 2109, "nDataPoints": 3, "notes": "Includes a specific quote from Hillshire Brands CFO to support the M&A thesis.", "elementsJson": [ "headline_text", "bullet_list", "kpi_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:19.272+00", "seconds": 4.366, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/16", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-16", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Valued separately, we believe BEF Foods would realize a higher value than Bob Evans Restaurants, based upon the double-digit EBITDA multiples afforded to certain pure-play packaged food companies.", "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 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f7-2242d3bcabff", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.24 }, "kind": "list", "text": "Valued separately, we believe BEF Foods would realize a higher value than Bob Evans Restaurants, based upon the double-digit EBITDA multiples afforded to certain pure-play packaged food companies, compared with the single digit multiples where public restaurant companies trade. As such, the Company should take steps to separate BEF Foods, including filing a preliminary registration statement for an IPO, as a pre-cursor to a full spin-off.", "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 21:02:19.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "274dd155-d8ea-460f-b607-b3e6c1200195", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.39 }, "kind": "list", "text": "While we would encourage the exploration of a spin-off of the BEF Foods business, robust M&A activity in the packaged foods space may make a sale of BEF Foods another method to deliver shareholder value.", "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 21:02:19.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "517f8c9a-d932-460c-b4c4-2580b14184aa", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "list", "text": "A sale of BEF Foods at 11.0x EBITDA may be conservative given recent private market transactions involving packaged food companies such as Ralcorp and Heinz, which were acquired at multiples of 12.5x and 14.3x EBITDA, respectively, according to Bloomberg.", "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 21:02:19.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a01188f-819f-4e2f-9a3a-3302228521f8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "list", "text": "Bob Evans Restaurants and BEF Foods are managed independently, have limited operational synergies, and taken together present a confusing story to investors, leading to a diminished valuation.", "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 21:02:19.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f27112a2-2740-4db1-9d00-ad9cf6522de4", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBITDA multiple: 11.0x", "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 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f7-29528e73904b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.47 }, "kind": "quote", "text": "Note recent comments from The Hillshire Brands Company's CFO Maria Henry in their May 2, 2013 conference call: \"We do see M&A as a way to create significant shareholder value...We'll have a discipline[d] approach to M&A, clearly, and we're looking for acquisitions that align with our strategic vision\".", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:19.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bdba1910-487f-4955-8b7b-d18b4b06a5ed", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We do see M&A as a way to create significant shareholder value...We'll have a discipline[d] approach to M&A, clearly, and we're looking for acquisitions that align with our strategic vision. — Maria Henry, CFO of The Hillshire Brands Company", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f7-2685f0d099a6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.88 }, "kind": "source-note", "text": "(1) Internal estimates, adjusted for 1-time and other costs.", "attrs": { "numbered": true }, "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:19.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc709cc2-0a1e-437a-9622-23c4c7267232", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.56 }, "kind": "table", "text": "BEF Foods FY 2014E EBITDA (1) $50.7 MM; Multiple of EBITDA 11.0 x; Proceeds from Sale of BEF Foods Business $557.7 MM", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:19.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ae5a968-851c-4770-b624-c252400cab5e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.02, "y": 0.02 }, "kind": "title", "text": "Bob Evans Farms, Inc. - Enhancing Shareholder Value", "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 21:02:19.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba69270e-9082-4678-a5e9-d04af8103eef", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.35, "x": 0.02, "y": 0.09 }, "kind": "title", "text": "Step 1 - Separate BEF Foods", "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 21:02:19.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff4f369b-9337-488f-8a9d-31412ba9651e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "60827314-a66f-4591-864a-b9e07b529e7f", "evidence": "Proposing separation of business units to unlock valuation", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:02:19.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "breakup-spinoff" } ], "arcBeats": [ { "to": 20, "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": 16, "name": "Solution (Provide relief)", "beatId": "3f771d7b-69d3-4ead-9833-ee2a1b9a6d49", "matchId": "3fae2a87-90c6-4fa1-93b4-6506f70000b0", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The proposed steps to separate BEF Foods, extract value from real estate, and repurchase shares via a self-tender offer are presented as solutions.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 17, "type": "setup", "title": "Part of an activist investor presentation by Sandell Asset Management.", "function": "propose_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "dense", "densityScore": 71, "componentCount": 8, "textChars": 973, "nDataPoints": 11, "notes": "Part of an activist investor presentation by Sandell Asset Management.", "elementsJson": [ "headline_text", "bullet_list", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:21.453+00", "seconds": 6.415, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/17", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-17", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Bob Evans should take steps to unlock the substantial value inherent in these 482 owned restaurant properties.", "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 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f6-f000f448df8e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "Bob Evans owns the real estate of 86% of the Company's restaurants, all of which are expected to be remodeled at significant cost by the end of Fiscal 2014.", "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 21:02:21.453+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73d42133-f2d4-48ec-b5cd-923729614588", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "list", "text": "Bob Evans should take steps to unlock the substantial value inherent in these 482 owned restaurant properties.", "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 21:02:21.453+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee066dcf-7521-49f5-ad7c-1f224fc0df59", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Proceeds from Sale-leaseback: $722.9MM", "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 22:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f6-f44c7be51fe2", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.8, "x": 0.1, "y": 0.25 }, "kind": "table", "text": "Bob Evans Restaurants: # of Owned Properties 482; # of Leased Properties 78; Total # of Restaurants 560; % of Restaurants that are Owned 86.1%", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:21.453+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57580d73-165c-4e44-af46-f6fc08bda5c3", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.8, "x": 0.1, "y": 0.62 }, "kind": "table", "text": "Average Revenue per Bob Evans Restaurant (2013) $1.75 MM; Number of Owned Bob Evans Restaurants 482; Estimated \"Owned Restaurant\" Revenue $843.5 MM; Estimated Additional Rent Expense @ 6.00% of Revenue $50.6 MM; Estimated Cap. Rate in Sale-Leaseback 7.00%; Proceeds from Sale-Leaseback $722.9MM", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:21.453+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fb6b436-6047-4828-ac64-592bb492c023", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.96, "x": 0.02, "y": 0.02 }, "kind": "title", "text": "Bob Evans Farms, Inc. - Enhancing Shareholder Value", "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 21:02:21.453+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08babd21-d2bd-4490-921b-ca5fd58c8bc9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.96, "x": 0.02, "y": 0.08 }, "kind": "title", "text": "Step 2 - Extract Value from Real Estate via Sale - Leaseback Transaction", "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 21:02:21.453+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0bcb7b11-e60a-4a5e-91b9-50cf9592ff4d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "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": 16, "name": "Solution (Provide relief)", "beatId": "3f771d7b-69d3-4ead-9833-ee2a1b9a6d49", "matchId": "3fae2a87-90c6-4fa1-93b4-6506f70000b0", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The proposed steps to separate BEF Foods, extract value from real estate, and repurchase shares via a self-tender offer are presented as solutions.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 18, "type": "setup", "title": "The slide uses external citations (Ruby Tuesday, CL King, Stephens Inc., 10-K) to validate the $722.9M valuation estimate.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 88, "componentCount": 9, "textChars": 2476, "nDataPoints": 8, "notes": "The slide uses external citations (Ruby Tuesday, CL King, Stephens Inc., 10-K) to validate the $722.9M valuation estimate.", "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:18.94+00", "seconds": 3.815, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/18", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-18", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "$722.9 million works out to $1.50 million per owned restaurant, which is significantly below the Company's stated cost to build a new restaurant.", "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 22:54:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f7-d57dae25d4eb", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "list", "text": "We believe our $722.9 million estimate of Bob Evans' real estate value is conservative (See 4/26/13 CL King research report: \"The company's real estate could be worth another $800MM - $1B\" and 1/30/13 Stephens Inc. research report: \"We are upgrading BOBE...due to what we view as a cleaner story for investors with improving margins, good underlying sales momentum in its core businesses and nearly $900 mil. in real estate value\".)", "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 21:02:18.94+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2adb6599-e10b-41cc-a107-a936b79cb4d2", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "list", "text": "The valuation on the previous page assumes an incremental rent expense equal to 6.0% of owned restaurant revenue that is capitalized at a 7.0% cap rate, which is conservative compared with lower cap rates witnessed in recent restaurant sale-leaseback transactions.", "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 21:02:18.94+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4369906c-8335-4e75-836e-58bbebdf7cb2", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.58 }, "kind": "list", "text": "$722.9 million works out to $1.50 million per owned restaurant, which is significantly below the Company's stated cost to build a new restaurant. As noted on page 4 of the Company's 10-K for the fiscal year ended April 29, 2011: \"In fiscal 2011, it cost approximately $2.3 million to build a new stand-alone Bob Evans restaurant, including the land.\"", "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 21:02:18.94+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56b25dd9-d8b3-4f0c-aea0-45fa9e672ac1", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "list", "text": "We have availed ourselves of outside expert tax guidance and we believe, given the stated book value of the Company's land holdings, along with the significant expenditures associated with the Company's restaurants, that the tax impact in a sale-leaseback transaction would not be prohibitive.", "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 21:02:18.94+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6555498a-e0b5-4026-95c6-f359b0269834", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "real estate value: $722.9 million", "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 22:54:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f7-def986d20521", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We have now finished our sale-leaseback program, which resulted in the completion of transactions on 37 restaurants, resulting in $83 million of gross proceeds at average cap rates under 6.7%, including cap rates in the range of 6.25% on our most recent transactions.\" — Ruby Tuesday July 24, 2013 earnings conference call. \"The company's real estate could be worth another $800MM - $1B\" — CL King research report. \"We are upgrading BOBE...due to what we view as a cleaner story for investors with improving margins, good underlying sales momentum in its core businesses and nearly $900 mil. in real estate value\" — Stephens Inc. research report. \"In fiscal 2011, it cost approximately $2.3 million to build a new stand-alone Bob Evans restaurant, including the land.\" — Bob Evans 10-K for the fiscal year ended April 29, 2011.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f7-da58b8b159c4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.02, "y": 0.02 }, "kind": "title", "text": "Bob Evans Farms, Inc. - Enhancing Shareholder Value", "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 21:02:18.94+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5553a86-9c74-4145-98a6-c4696c1b5095", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.02, "y": 0.09 }, "kind": "title", "text": "Step 2 (cont'd)- Extract Value from Real Estate via Sale - Leaseback Transaction", "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 21:02:18.94+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c09c1373-dfac-4c0b-b963-70846790e5b0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d043924d-10af-44ef-8a57-137bc1f91d25", "evidence": "Citing CL King, Stephens Inc., and 10-K filings to validate valuation assumptions.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:02:18.94+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 20, "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": 16, "name": "Solution (Provide relief)", "beatId": "3f771d7b-69d3-4ead-9833-ee2a1b9a6d49", "matchId": "3fae2a87-90c6-4fa1-93b4-6506f70000b0", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The proposed steps to separate BEF Foods, extract value from real estate, and repurchase shares via a self-tender offer are presented as solutions.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 19, "type": "setup", "title": "Part of a multi-step activist proposal for Bob Evans Farms.", "function": "propose_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 76, "componentCount": 9, "textChars": 981, "nDataPoints": 7, "notes": "Part of a multi-step activist proposal for Bob Evans Farms.", "elementsJson": [ "headline_text", "bullet_list", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:18.624+00", "seconds": 3.439, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/19", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-19", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The Company could repurchase a significant amount of stock at a price of $58 per share and be left with substantial cash on its balance sheet.", "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 22:54:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f7-7589c53bcc7e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.08, "y": 0.55 }, "kind": "list", "text": "Utilize 75.0% of Cash to Repurchase Shares $807.3; Price per Share Paid for Shares Repurchased $58.00 per share; Total Shares to be Repurchased 13.9 MM", "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 21:02:18.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f36cadf-9268-45b2-9f46-ca8407b577f3", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share repurchase price: $58.00", "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 22:54:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f7-785f4842344b", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.18 }, "kind": "paragraph", "text": "After pursuing Step 1 and Step 2, the Company would have approximately $1.08 billion in cash, 75% of which could be returned to shareholders via a share repurchase through a large self-tender.", "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": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:18.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b339b020-5ab6-4315-a087-eda2232f368d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.75 }, "kind": "paragraph", "text": "The Company could repurchase a significant amount of stock at a price of $58 per share and be left with substantial cash on its balance sheet.", "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": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:18.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dce06e31-00ac-420b-a3ea-c487abd025b7", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.08, "y": 0.87 }, "kind": "source-note", "text": "(1) Internal estimates.", "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:18.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0150076b-3963-4a83-9f39-be54def10009", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.85, "x": 0.08, "y": 0.28 }, "kind": "table", "text": "Sources of Cash for Share Repurchase: Proceeds from Sale-Leaseback $722.9; Proceeds from Sale of BEF Foods Business 557.7; Less: Estimated Taxes (1) (204.2); Total Cash Available for Share Repurchase $1,076.4", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:18.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90aef385-5fb5-41ff-abf8-460a444678c7", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.48, "x": 0.02, "y": 0.09 }, "kind": "title", "text": "Step 3 - Repurchase Shares via Self-Tender", "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 21:02:18.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01616554-250f-4d77-ac47-77b2e17f9b74", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.58, "x": 0.02, "y": 0.02 }, "kind": "title", "text": "Bob Evans Farms, Inc. - Enhancing Shareholder Value", "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 21:02:18.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66745b4f-3430-490a-ba32-3eaed2573e1e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "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": 16, "name": "Solution (Provide relief)", "beatId": "3f771d7b-69d3-4ead-9833-ee2a1b9a6d49", "matchId": "3fae2a87-90c6-4fa1-93b4-6506f70000b0", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The proposed steps to separate BEF Foods, extract value from real estate, and repurchase shares via a self-tender offer are presented as solutions.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 20, "type": "setup", "title": "The slide calculates equity value by adjusting EBITDA for rent, adding cash/proceeds, and subtracting debt, then dividing by pro-forma shares.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 45, "componentCount": 6, "textChars": 608, "nDataPoints": 24, "notes": "The slide calculates equity value by adjusting EBITDA for rent, adding cash/proceeds, and subtracting debt, then dividing by pro-forma shares.", "elementsJson": [ "headline_text", "valuation_table", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:18.894+00", "seconds": 3.588, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/20", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-20", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Pro-forma for the preceding transactions, a stock price of between approximately $73 per share and $84 per share, or an average price of $78.50 per share, could be justified.", "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 22:54:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f7-ae273e1f7b12", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Price per Share: $78.50", "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 22:54:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f7-b2432337b048", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.75, "x": 0.12, "y": 0.8 }, "kind": "paragraph", "text": "Pro-forma for the preceding transactions, a stock price of between approximately $73 per share and $84 per share, or an average price of $78.50 per share, could be justified.", "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": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:18.894+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3090e208-ecaa-40c8-89ff-fc7cfa3ebf9f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.12, "y": 0.88 }, "kind": "source-note", "text": "(1) Internal estimates, adjusted for 1-time and other costs. (2) Assumes internally estimated tax-efficiencies.", "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:18.894+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f6928c5-1be0-406d-9928-a50b5c80f191", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.75, "x": 0.12, "y": 0.15 }, "kind": "table", "text": "Base Case and Upside Case valuation table showing EBITDA, adjustments, debt, equity value, and share price.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:18.894+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8214ffdc-27f9-4df1-99d1-bdc79a70637f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.05, "y": 0.09 }, "kind": "title", "text": "Pro-Forma Valuation", "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 21:02:18.894+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8df64054-ee11-4ebd-a5b6-53864dbfbc3f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "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": 16, "name": "Solution (Provide relief)", "beatId": "3f771d7b-69d3-4ead-9833-ee2a1b9a6d49", "matchId": "3fae2a87-90c6-4fa1-93b4-6506f70000b0", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The proposed steps to separate BEF Foods, extract value from real estate, and repurchase shares via a self-tender offer are presented as solutions.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 21, "type": "evidence", "function": "cite_precedent", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 9, "textChars": 876, "nDataPoints": 12, "notes": null, "elementsJson": [ "headline_text", "bullet_list", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:02:18.48+00", "seconds": 3.154, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-ddf896d07230/21", "deck": "/decks/019dd923-622b-71dc-a6db-ddf896d07230", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-ddf896d07230#slide-21", "deckJson": "/decks/019dd923-622b-71dc-a6db-ddf896d07230.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Bob Evans, as a pure-play family-dining restaurant company subsequent to the separation of BEF Foods, with an entirely remodeled store base, could be an attractive acquisition candidate.", "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 22:54:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f7-583d07a47560", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.06, "y": 0.71 }, "kind": "list", "text": "Bob Evans, as a pure-play family-dining restaurant company subsequent to the separation of BEF Foods, with an entirely remodeled store base, could be an attractive acquisition candidate.", "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 21:02:18.48+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0223218-fb14-41f9-ad05-5f63ffe51388", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.06, "y": 0.64 }, "kind": "list", "text": "Acquisition multiples of EBITDA have increased in a linear manner over the last two years.", "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 21:02:18.48+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0ab2ae9-9223-45a2-b5e8-a53de01e1c50", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.06, "y": 0.17 }, "kind": "list", "text": "There has been significant M&A activity involving publicly-traded restaurant companies.", "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 21:02:18.48+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e28913b5-9df2-4a70-ad2e-d5a0717b56fa", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBITDA multiple: 10.2x", "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 22:54:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5cf-7048-87f7-5d5fc09d9e78", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.06, "y": 0.89 }, "kind": "source-note", "text": "Source: Bloomberg", "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:18.48+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07f4ac7c-8db1-43c3-a663-d4e22e761cf2", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.7, "x": 0.15, "y": 0.25 }, "kind": "table", "text": "Target Name, Announced Date, Announced Value, Value as a Multiple of EBITDA. Benihana Inc., 5/22/2012, 275.9, 10.2. PF Chang's, 5/2/2012, 1164.7, 9.9. O'Charley's, 2/6/2012, 282.0, 8.4. CPK, 5/25/2011, 449.4, 7.7.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:02:18.48+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2191f96e-768c-4ec9-9094-97854b9ee865", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.25, "x": 0.02, "y": 0.09 }, "kind": "title", "text": "Further Potential Upside", "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 21:02:18.48+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f53ae4b-81ba-4e53-8fef-f98c293ba272", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.02, "y": 0.02 }, "kind": "title", "text": "Bob Evans Farms, Inc. - Enhancing Shareholder Value", "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 21:02:18.48+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bfd535be-8e5d-4377-b512-ce308feddd2b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "70f0298c-0da9-412c-a506-c44cc8c59f42", "evidence": "Table of comparable M&A transactions used to justify valuation or strategic potential.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:02:18.48+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "precedent_table" } ], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 5, "label": "Problem (Identify pain)", "description": "The executive summary and business overview highlight the current challenges and underperformance." }, { "from": 13, "to": 15, "label": "Agitate (Make it worse)", "description": "The 3-year and 5-year under-performance and CEO reward for under-performance emphasize the need for change." }, { "from": 16, "to": 20, "label": "Solution (Provide relief)", "description": "The proposed steps to separate BEF Foods, extract value from real estate, and repurchase shares via a self-tender offer are presented as solutions." } ], "loops": [ { "from": 10, "to": 10, "label": "Before After", "description": "To show the potential for improvement" }, { "from": 15, "to": 15, "label": "Cost Of Inaction", "description": "To highlight the cost of not taking action" } ] }