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William Ackman · conference-presentation

Borders Group, Inc. (BGP)

53 pages · 3 arc beats · 2 loops

Conference-Presentation Download JSON
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Borders Group, Inc. (BGP)

William Ackman · 2006-11
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 2
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

3
coverage by narrative range · generated from this deck JSON
Narrative range 13 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem 2 slides 100% 2/2 slides 100% 2/2 slides · 4 hits
— 0/2 slides
50% 1/2 slides
— 0/2 slides
100% 2/2 slides
— 0/2 slides
Agitate 3 slides 100% 3/3 slides 100% 3/3 slides · 18 hits
— 0/3 slides
— 0/3 slides
33.3% 1/3 slides 100% 3/3 slides 100% 3/3 slides Solution 8 slides 100% 8/8 slides 100% 8/8 slides · 39 hits
— 0/8 slides
12.5% 1/8 slides 25% 2/8 slides 100% 8/8 slides
— 0/8 slides

Slide inventory

53
every slide · same image gating as the playbook
01
Slide 1
front_matter
Open slide detail
02
other
Open slide detail
03
The slide provides a snapshot of the company's market share, 2006 estimated financials, and valuation multiples.analyze_data
Open slide detail
04
The slide uses a comparison table structure to contrast the three business units.analyze_data
Open slide detail
05
The slide uses a callout box to highlight the recent price and a circle to annotate the peak price.analyze_data
Open slide detail
06
The slide uses a dual-axis chart to correlate absolute EBITDA dollars with percentage margins.analyze_data
Open slide detail
07
frame_problem
Open slide detailBeat · Problem
08
frame_situation
Open slide detailBeat · Problem
09
summarize
Open slide detail
10
The slide uses a 'sum-of-the-parts' valuation logic, arguing that the market is mispricing the company due to noise from non-core or transitional segments.diagnose_problem
Open slide detail
11
summarize
Open slide detail
12
summarize
Open slide detail
13
transition
Open slide detail
14
The slide uses a before-after comparison to debunk the 'Amazon risk' narrative by showing that superstores grew alongside Amazon.analyze_data
Open slide detailBeat · AgitateLoop · Before After
15
summarize
Open slide detailBeat · AgitateLoop · Before After
16
summarize
Open slide detailBeat · AgitateLoop · Before After
17
The slide uses a specific valuation adjustment to demonstrate that P/E ratios are misleading for this industry.analyze_data
Open slide detail
18
transition
Open slide detail
19
The slide uses a line chart to illustrate the divergence in performance between business units, justifying a rationalization strategy.diagnose_problem
Open slide detail
20
propose_solution
Open slide detailBeat · Solution
21
establish_context
Open slide detailBeat · Solution
22
Uses a metaphor of a 'Mini Mall' to describe internal business units.frame_situation
Open slide detailBeat · Solution
23
Includes a small calculation box for ROI.analyze_data
Open slide detailBeat · Solution
24
EBITDA is adjusted for non-cash asset impairment associated with store closures.analyze_data
Open slide detailBeat · Solution
25
The table calculates the 'Music Impact' and shows the adjusted SSS performance.analyze_data
Open slide detailBeat · Solution
26
propose_solution
Open slide detailBeat · Solution
27
The table calculates ROIC for the first year of remodel activity, incorporating incremental sales, margin benefits, and net remodel costs.analyze_data
Open slide detailBeat · Solution
28
diagnose_problem
Open slide detail
29
summarize
Open slide detail
30
The slide reconciles reported EBITDA with Pro Forma EBITDA by adding back specific one-time costs.analyze_data
Open slide detail
31
The slide uses a waterfall bridge to show the path from 2006E EBITDA to a 2008 projection.quantify_opportunity
Open slide detail
32
size_opportunity
Open slide detail
33
establish_context
Open slide detail
34
diagnose_problem
Open slide detail
35
The slide highlights a significant performance decline in the mall segment.analyze_data
Open slide detail
36
propose_solution
Open slide detail
37
The slide uses a 'worth more dead than alive' framing to argue for liquidation or divestiture based on capital efficiency.quantify_opportunity
Open slide detail
38
front_matter
Open slide detail
39
analyze_data
Open slide detail
40
diagnose_problem
Open slide detail
41
The slide compares NWC to EBITDA to suggest liquidation value might exceed operational value.analyze_data
Open slide detail
42
transition
Open slide detail
43
analyze_data
Open slide detail
44
introduce_nominees
Open slide detail
45
transition
Open slide detail
46
present_solution
Open slide detailLoop · Quick Win Big Bet
47
The slide uses a sum-of-the-parts valuation approach to derive a target share price.show_valuation_bridge
Open slide detailLoop · Quick Win Big Bet
48
The slide calculates valuation multiples for 2008E based on a $36 share price, adjusting for specific equity value components.show_valuation_bridge
Open slide detail
49
compare_peers
Open slide detail
50
transition
Open slide detail
51
summarize
Open slide detail
52
summarize
Open slide detail
53
front_matter
Open slide detail