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Engine Capital · activist-deck

Houghton Mifflin Harcourt (HMHC)

21 pages · 3 arc beats · 2 loops

Activist-Deck Download JSON
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Houghton Mifflin Harcourt (HMHC)

Engine Capital · 2022-03
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 1
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

3
coverage by narrative range · generated from this deck JSON
Narrative range 21 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
The Monster (Undervaluation) 8 slides 100% 8/8 slides 100% 8/8 slides · 50 hits
— 0/8 slides
50% 4/8 slides 12.5% 1/8 slides 100% 8/8 slides 25% 2/8 slides The Struggle (Flawed Sales Process) 4 slides 100% 4/4 slides 100% 4/4 slides · 31 hits
— 0/4 slides
— 0/4 slides
100% 4/4 slides 100% 4/4 slides 100% 4/4 slides · 5 hits The Victory (Superior Plan) 9 slides 100% 9/9 slides 100% 9/9 slides · 63 hits
— 0/9 slides
— 0/9 slides
66.7% 6/9 slides 100% 9/9 slides 11.1% 1/9 slides

Slide inventory

21
every slide · same image gating as the playbook
01
Slide 1
front_matter
Open slide detailBeat · The Monster (Undervaluation)
02
front_matter
Open slide detailBeat · The Monster (Undervaluation)
03
Includes a logo grid of companies where Engine Capital has negotiated board representation.establish_context
Open slide detailBeat · The Monster (Undervaluation)
04
The slide uses a bulleted list to summarize the investment thesis against the Veritas offer.summarize
Open slide detailBeat · The Monster (Undervaluation)
05
The slide uses a four-quadrant layout to summarize the investment thesis.summarize
Open slide detailBeat · The Monster (Undervaluation)
06
The slide establishes the context for an activist campaign against a specific M&A transaction.frame_situation
Open slide detailBeat · The Monster (Undervaluation)
07
LBO model transaction overview slide.show_valuation_bridge
Open slide detailBeat · The Monster (Undervaluation)Loop · Pattern Hunter
08
The slide uses two bar charts to demonstrate that the offer price is undervalued relative to the company's cash flow generation potential.show_valuation_bridge
Open slide detailBeat · The Monster (Undervaluation)Loop · Pattern Hunter
09
The slide uses a stock chart to visualize the gap between the current offer and the projected stock price based on fundamental performance.preempt_rebuttal
Open slide detailBeat · The Struggle (Flawed Sales Process)Loop · Pattern Hunter
10
The slide uses a comparison table to highlight qualitative differences (higher ed exposure, digital transition, NOLs, business mix) to justify a premium valuatishow_valuation_bridge
Open slide detailBeat · The Struggle (Flawed Sales Process)Loop · Pattern Hunter
11
The slide uses a 'before-after' comparison of financial models to expose management's lack of credibility.expose_contradiction
Open slide detailBeat · The Struggle (Flawed Sales Process)Loop · The Reveal
12
The slide uses a combination of a direct quote from a regulatory filing and a numbered list of analytical critiques.expose_contradiction
Open slide detailBeat · The Struggle (Flawed Sales Process)Loop · The Reveal
13
The slide uses a sensitivity table to demonstrate the range of potential returns for an LBO scenario.show_valuation_bridge
Open slide detailBeat · The Victory (Superior Plan)Loop · The Reveal
14
Includes a footnote explaining the conservative assumptions (10% reduction in billings growth, 40% incremental variable costs).quantify_opportunity
Open slide detailBeat · The Victory (Superior Plan)
15
Includes a callout box at the bottom regarding employee sentiment.quantify_opportunity
Open slide detailBeat · The Victory (Superior Plan)
16
Includes a callout box highlighting the key takeaway and a legend for IRR thresholds.quantify_opportunity
Open slide detailBeat · The Victory (Superior Plan)
17
Includes a footnote regarding interest rate assumptions for the recapitalization.propose_solution
Open slide detailBeat · The Victory (Superior Plan)
18
Uses a contrast-pairs framework to dismantle the company's premium argument.expose_contradiction
Open slide detailBeat · The Victory (Superior Plan)
19
Uses a two-part structure to juxtapose corporate narrative against activist critique.expose_contradiction
Open slide detailBeat · The Victory (Superior Plan)
20
Uses a direct comparison format to dismantle the target's narrative.expose_contradiction
Open slide detailBeat · The Victory (Superior Plan)
21
The slide uses bullet points to synthesize financial arguments and strategic recommendations.summarize
Open slide detailBeat · The Victory (Superior Plan)