{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6dc-1b71fd82cbb4", "slug": "8874454b4a65", "title": "The McGraw-Hill Companies (MHP)", "subtitle": "JANA Partners · 2011-08", "author": "JANA Partners", "date": "2011-08-22 00:00:00", "pageCount": 53, "kind": "activist-deck", "orientation": "portrait", "aspectRatio": 0.70665085, "targetCompany": "The McGraw-Hill Companies", "targetTicker": "MHP", "document": { "id": "019dd923-622b-71dc-a6dc-1b71fd82cbb4", "slug": "8874454b4a65", "title": "The McGraw-Hill Companies (MHP)", "rawTitle": "McGraw Hill Presentation Aug 2011", "authorId": "13_JANA_Partners", "authorName": null, "authorDisplay": "JANA Partners", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2011-08-JANA-Partners-McGraw-Hill-Presentation-Aug-2011.pdf", "sourceUrl": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001159159&type=DFAN14A", "sourceDate": null, "presentationDate": "2011-08-22 00:00:00", "ingestedAt": "2026-04-22 17:24:28+00", "status": "ready", "pageCount": 53, "orientation": "portrait", "aspectRatio": 0.70665085, "targetCompany": "The McGraw-Hill Companies", "targetTicker": "MHP", "metadata": { "local_root": "/tmp/legacy-images/8874454b4a65", "activist_firm": "JANA Partners", "origin_corpus": "contrarian", "extraction_seconds": 156.79401111602783 } }, "coverage": { "pageCount": 53, "pagesIndexed": 53, "pagesWithImages": 53, "pagesWithMetadata": 53, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 268, "chartCount": 6, "metricSlides": 0, "toolMatches": 17, "documentToolMatches": 4, "frameworkMatches": 19, "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": "f30d7f65-0d93-4a36-b6e3-a438c7789ca8", "evidence": "The presentation follows a clear problem-agitate-solution structure, identifying the problem of underperformance and undervaluation, agitating it by highlighting the company's structural issues, and providing a solution through separation of the company's segments", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:54.579217+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 7, "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": 7, "name": "Problem (Identify pain)", "beatId": "cd10520b-b9f4-42ac-afe6-47cafbc102b5", "matchId": "f30d7f65-0d93-4a36-b6e3-a438c7789ca8", "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 presentation identifies McGraw-Hill's underperformance and undervaluation as a key issue", "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": 43, "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": 11, "name": "Agitate (Make it worse)", "beatId": "7ebaf08c-b55d-4001-a8b0-138fe888dbb3", "matchId": "f30d7f65-0d93-4a36-b6e3-a438c7789ca8", "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 presentation highlights the company's structural issues and how they impede recognition of true value", "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. 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Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 7, "from": 7, "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": "bc26f275-4c64-4ba9-a074-db5d478a5402", "evidence": "The presentation highlights the need for action to unlock shareholder value", "position": 0, "objective": "What is the cost of not taking action to address McGraw-Hill's underperformance and undervaluation?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:54.705985+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 51, "from": 45, "loop": { "name": "49_three_horizons", "slug": "49-three-horizons", "status": "active", "bestFor": "Innovation strategy, long-term planning, board presentations", "canonId": "019dd956-79c5-72b9-bc7c-679ef37c7c41", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Horizon 1 (Core Business) -> Horizon 2 (Emerging Opportunities) -> Horizon 3 (Future Bets) -> Balanced Portfolio", "description": "Structure initiatives across time horizons: protect core, grow adjacencies, create futures", "familyLabel": null, "categoryName": "Consulting Framework", "categorySlug": "consulting-framework" }, "matchId": "cf6d2727-33bb-4c29-8e06-3506fed78201", "evidence": "The presentation provides a potential solution through separation of the company's segments", "position": 1, "objective": "What are the potential outcomes of taking action to restructure McGraw-Hill's portfolio?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:55:54.736674+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "b7b65d0e-e859-4743-bc1a-0ae6e0d64604", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "234a3d62-c5b6-49ad-91c8-a078d1f54a08", "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": "0aff1b28-888c-49a8-b04b-eba20d41feee", "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 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": "f06c3210-0b01-4a1f-86db-8b1cfff7f90d", "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 }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "9e965833-32b6-4144-843a-55b2cf95993f", "evidence": "list/bullet: While the announcements of a portfolio review and the intention to take “significant actions” in 2011 are encouraging, the muted market reaction immediately following the announcements reflects concerns that", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:53:50.690482+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "4067daba-b70e-4027-b74b-d5c8b7526d49", "evidence": "McGraw-Hill Portfolio Review & Assessment: Share Performance", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:53:50.864563+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "4a8d45dc-8abe-4806-8b57-b90ef6c78eda", "evidence": "Comparison table of S&P Ratings, MH Financial, MH Education, and Info. & Media across 8 metrics.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:53:57.304502+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Slide recipe: the peer-gap chart", "slug": "peer-gap-chart-recipe", "status": "active", "bestFor": null, "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7", "version": 1, "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c", "description": "The single most-copied slide in activism. This is the exact layout, used", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "4215e605-62f3-4585-959d-8bbbd51df5d4", "evidence": "Average FWD P/E Multiple: 21x", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:53:58.736721+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "5582cc28-cac9-4a13-b591-9c7ce9b764d0", "evidence": "Financial comparison table between MHP I&M and IHS across 2008-2010 metrics including revenue, growth, margins, and P/E multiples.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:53:58.7019+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Problem Statement Canvas", "slug": "problem-statement-canvas", "status": "active", "bestFor": null, "canonId": "019dd956-839d-744b-ad11-9bf3e3642a18", "version": 1, "bodyDocId": null, "description": "Structured definition of the problem: What? Who? Where? When? Scale?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Architect", "layer": "slide", "agents": [ "Architect" ], "matchId": "dd3aa2cd-4920-44bd-885d-e7b33250484d", "evidence": "MH Financial's lack of clear fit with S&P Ratings and its own complex asset mix obfuscate its value and in particular conceal the value of the S&P Index business.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:53:58.834094+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "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": "slide", "agents": null, "matchId": "927829ff-bd7e-4ed9-86bf-0fe78a013d44", "evidence": "Comparable EBIT Margins: S&P Ratings and MH Financial vs. Peers", "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": 0.9, "extraction": { "at": "2026-07-16 22:53:58.927355+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "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": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "fb7df330-7338-4dc0-9670-4de64ba5a79d", "evidence": "\"McGraw-Hill Financial is a completely different business than S&P\" — CEO Harold McGraw III", "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:53:59.022222+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 41, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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No stake percentage disclosed in the deck body. Structural critique rather than personal — no CEO named as villain, but CEO Harold McGraw III is quoted (Q2 2011 call: 'McGraw-Hill Financial is a completely different business than S&P') to support the breakup logic. Deck was filed as Exhibit B to a 13D amendment on SEC EDGAR; the PDF render alternates content pages with blanks (artifact of the SEC HTML-to-PDF conversion), so the 53 PDF pages correspond to ~26 actual slides. Classic conglomerate-discount sum-of-parts playbook; precedent invoked is IHS. Outcome: McGraw-Hill agreed in September 2011 to spin off Education (ultimately sold to Apollo 2013) and rebrand as McGraw-Hill Financial — largely a JANA win.", "kpisCited": [ { "detail": "MHP at 12.6x vs 15.9x weighted peer average (~25% discount); trails all peers except Gannett", "metric": "Forward P/E multiple (3-yr average)" }, { "detail": "MHP 2% vs 31% peer weighted average (29 pts behind)", "metric": "3-year total shareholder return (to 6/13/2011)" }, { "detail": "MHP (66%) vs peer weighted (48%); 18 pts worse", "metric": "Peak-to-trough TSR (10/09/07-3/09/09)" }, { "detail": "MHP 50% vs Moody's 174% — 124 pts of underperformance", "metric": "10-year TSR (2001-2011)" }, { "detail": "38% vs Moody's MIS 42%; margin gap expanded from parity in 2008", "metric": "S&P Ratings adjusted EBIT margin (2010)" }, { "detail": "24% vs MSCI 38% and FactSet 35%", "metric": "MH Financial adjusted EBIT margin (2010)" }, { "detail": "21x for IHS vs 13x for MH I&M despite similar asset base", "metric": "IHS forward P/E multiple (2010)" }, { "detail": "$40.75 closing price → $51 (discount) → $58 (corp cost) → $61 (buyback) → $65 (peer margin)", "metric": "Sum-of-parts bridge" }, { "detail": "~2% — cited to argue divestiture announced so far is insufficient", "metric": "Broadcasting % of total EBIT" } ], "closingAsk": "McGraw-Hill should promptly separate MH Education, Information & Media and the S&P Index business, collapse corporate overhead, accelerate the authorized buyback, and bolster S&P Ratings with an independent oversight figure.", "extraction": { "at": "2026-04-22 17:24:28+00", "model": "unknown-legacy", "runId": null, "seconds": 156.794, "promptVersion": null }, "scqaReward": "Eliminating the conglomerate discount (~$11), cutting corporate costs (~$6), executing the buyback (~$3.50) and bridging the peer margin gap (~$4) takes McGraw-Hill from $40.75 to roughly $65 — ~60% upside.", "thesisTypes": [ "breakup_spinoff", "cost_cutting", "capital_return", "governance_board" ], "top3Reasons": [ "McGraw-Hill trades at ~25% conglomerate discount to peers (12.6x vs 15.9x fwd P/E)", "No real synergies across S&P Ratings, MH Financial, Education and Information & Media", "Breakup, cost cuts and buyback bridge share price from $40.75 to ~$65 (~60% upside)" ], "scqaSituation": "McGraw-Hill houses four independently attractive businesses — S&P Ratings, MH Financial, MH Education and Information & Media — inside a conglomerate that just announced a portfolio review and intent to take 'significant actions' in 2011.", "thesisSummary": "McGraw-Hill has persistently traded at a ~25% conglomerate discount to peers (12.6x forward P/E vs 15.9x weighted peer average) and returned just 2% over three years versus a 31% peer average, despite housing four independently attractive businesses: S&P Ratings, MH Financial, MH Education and Information & Media. JANA Partners and Ontario Teachers' Pension Plan argue the structure delivers no real synergies, drives sub-peer margins (S&P Ratings 38% vs Moody's 42%; MH Financial 24% vs MSCI 38%) and lets regulatory overhang from S&P Ratings infect the whole portfolio. They demand immediate separation of MH Education, Information & Media and the S&P Index business, collapsed corporate overhead to bridge the peer margin gap, accelerated buybacks, and an independent oversight figure at S&P Ratings — a combination that bridges the stock from $40.75 to roughly $65 per share.", "primaryDemands": [ "Separate McGraw-Hill Education", "Separate Information & Media", "Separate the S&P Index business", "Collapse corporate overhead and right-size segment cost structures to achieve peer margins", "Accelerate the authorized share buyback ahead of the separations", "Bolster S&P Ratings with a well-known independent oversight figure" ], "scqaResolution": "Separate MH Education, Information & Media and the S&P Index business, collapse corporate overhead to reach peer margins, accelerate the authorized share buyback, and install an independent oversight figure at S&P Ratings.", "thesisOneLiner": "McGraw-Hill's conglomerate structure masks four independently attractive assets; separating MH Education, Information & Media and the S&P Index business plus an accelerated buyback unlocks ~60% upside to ~$65.", "precedentsCited": [ "IHS standalone focus and acquisition-driven value creation", "Moody's Corporation post-Dun & Bradstreet spin as a pure-play rating agency" ], "scqaComplication": "The structure delivers no synergies, drives sub-peer margins, ties every segment to S&P Ratings' regulatory overhang, and produced a 2% three-year TSR versus 31% for peers; a muted market reaction signals investors doubt management will go far enough.", "narrativeInterest": 4, "notableSlidePages": [ 5, 13, 15, 39, 49, 51 ], "peerCompaniesCited": [ "Moody's", "Pearson", "Thomson Reuters", "IHS", "FactSet Research Systems", "MSCI", "Dun & Bradstreet", "Gannett" ], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "SEC filing 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While we see long-term payoff from the digital migration (as evidenced by the higher margins achieved in the more technologically advanced college business), we expect spending to constrain margins in 2011 and 2012” - Piper Jaffray, May 19, 2011(3)", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:19.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f603c8a-fc73-43ef-9f10-5c41d11d5198", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.205 }, "kind": "quote", "text": "We think that MHP could evaluate a potential sale/spin of the Education segment (22% of MHP profits). We view the Education properties as relatively low growth (LSD) and low margin (essentially 10-15% since 1995) — which put it at odds with much of S&P Ratings, M-H Financial, and Platts. Education has also struggled in recent years amid tough times for local/state budgets, and lagged competitor Pearson.” - J.P. Morgan, August 1, 2011(1)", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:19.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d81b587b-9f7c-4d24-ac5c-0ff0fceb6ea5", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.405 }, "kind": "quote", "text": "Consider the following - 1) the financial profile of Education (more capital intensive, lower returns, cyclical ~ K-12) is less attractive vs. McGraw-Hill Financial Services, in our opinion; 2) McGraw-Hill Education has been losing share in both el-hi and college for the last several years which we think is at least partially due to ‘under-investment’ in these businesses (at least on a relative basis) - School revenue is nearly -30% off its '05 peak, the company's legacy testing biz (norm-referenced testing) has been hurt by NCLB, and the higher education digital strategy has generally trailed competitors” - Stifel Nicolaus, August 2, 2011(2)", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:19.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec4e7879-1a93-4b20-9b50-f919eb9b495a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We think that MHP could evaluate a potential sale/spin of the Education segment (22% of MHP profits). 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Morgan, August 1, 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 23:20:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac1-76e9-bcd3-c4a59262227d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.11, "y": 0.915 }, "kind": "source-note", "text": "(1) “Activists Coming”; Michael A. Meltz; J.P. Morgan; August 1, 2011. 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Here we believe incremental regulation beyond measures in Dodd-Frank seems unlikely. Also, our price target includes a modest 10% discount [to McGraw-Hill's total sum of the parts enterprise value] for these risks", "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 21:01:21.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca4063ee-7420-45e0-8c16-22502f337608", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We remain long-term bullish on MHP (and MCO) but acknowledge that it will be difficult for the shares to outperform near-term given increasing regulatory scrutiny, which has intensified meaningfully since S&P's downgrade of the US\" — Piper Jaffray, August 18, 2011. \"Negative headlines following S&P's downgrade of the US sovereign rating reignited regulatory fears. 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