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Thomas Sandell · activist-deck

TransCanada Corp (TRP)

17 pages · 4 arc beats · 2 loops

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TransCanada Corp (TRP)

Thomas Sandell · 2014-11
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 1
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
—

Deck intelligence map

4
coverage by narrative range · generated from this deck JSON
Narrative range 17 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem (Identify pain) 4 slides 100% 4/4 slides 100% 4/4 slides · 20 hits
— 0/4 slides
25% 1/4 slides · 2 hits 25% 1/4 slides 100% 4/4 slides
— 0/4 slides
Agitate (Make it worse) 5 slides 100% 5/5 slides 100% 5/5 slides · 39 hits
— 0/5 slides
40% 2/5 slides 80% 4/5 slides 100% 5/5 slides 100% 5/5 slides Solution (Provide relief) 6 slides 100% 6/6 slides 100% 6/6 slides · 50 hits
— 0/6 slides
16.7% 1/6 slides 100% 6/6 slides 100% 6/6 slides 100% 6/6 slides Action 2 slides 100% 2/2 slides 100% 2/2 slides · 7 hits
— 0/2 slides
50% 1/2 slides 50% 1/2 slides 100% 2/2 slides
— 0/2 slides

Slide inventory

17
every slide · same image gating as the playbook
01
Slide 1
The image is of Castlerigg Stone Circle, a play on the firm's name.front_matter
Open slide detailBeat · Problem (Identify pain)
02
other
Open slide detailBeat · Problem (Identify pain)
03
introduce_nominees
Open slide detailBeat · Problem (Identify pain)
04
Uses a pie chart to illustrate the sum-of-the-parts valuation breakdown.propose_solution
Open slide detailBeat · Problem (Identify pain)
05
The slide uses a quantitative bridge to show how structural changes (dropdowns and spin-offs) impact dividend growth metrics across different project scenarios.quantify_opportunity
Open slide detailBeat · Agitate (Make it worse)Loop · Logic Chain
06
The slide uses a 'problem-solution' structure to critique current MLP management and propose an 'All-In' dropdown strategy.propose_solution
Open slide detailBeat · Agitate (Make it worse)Loop · Logic Chain
07
Uses de-consolidation of MLPs to normalize valuation multiples between TRP and ENB.compare_peers
Open slide detailBeat · Agitate (Make it worse)Loop · Logic Chain
08
The slide uses a structural decomposition to argue for a corporate breakup or restructuring to unlock value.show_valuation_bridge
Open slide detailBeat · Agitate (Make it worse)Loop · Logic Chain
09
Includes detailed pro-forma financial tables comparing current vs. post-transaction metrics and a valuation bridge for TRP shareholders.show_valuation_bridge
Open slide detailBeat · Agitate (Make it worse)Loop · Logic Chain
10
The slide uses a 'before/after' comparison for TCP (current vs. post-dropdown) alongside two peer groups to argue for valuation multiple expansion.compare_peers
Open slide detailBeat · Solution (Provide relief)Loop · Golden Circle
11
Uses a dual-axis line chart to show the correlation between the announcement and stock performance.expose_contradiction
Open slide detailBeat · Solution (Provide relief)Loop · Golden Circle
12
The slide uses a sum-of-the-parts valuation approach to justify a specific share price target.show_valuation_bridge
Open slide detailBeat · Solution (Provide relief)Loop · Golden Circle
13
The slide argues that TRP's valuation is suppressed by its volatile energy segment and complex capital structure.compare_peers
Open slide detailBeat · Solution (Provide relief)Loop · Golden Circle
14
The slide argues for a spin-off to unlock value by creating a pure-play power generation entity.show_valuation_bridge
Open slide detailBeat · Solution (Provide relief)Loop · Golden Circle
15
The chart uses a split-bar approach to show variance ranges for different business segments.expose_contradiction
Open slide detailBeat · Solution (Provide relief)Loop · Golden Circle
16
The slide uses a 'What If' scenario analysis to contrast current vs. proposed structural outcomes.compare_peers
Open slide detailBeat · Action
17
Features the Castlerigg Stone Circle in the Lake District, UK, which is the namesake of the firm.front_matter
Open slide detailBeat · Action