Starboard Value · activist-deck
Huntsman Corporation (HUN)
238 pages · 4 arc beats · 0 loops
Huntsman Corporation (HUN)
Starboard Value · 2022-02 arc beats above · slides in the middle · loops below · scroll → 0 LOOPS
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Deck intelligence map
4 coverage by narrative range · generated from this deck JSON
Narrative range 79 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem Statement 1 slides 100% 1/1 slides 100% 1/1 slides · 8 hits — 0/1 slides
100% 1/1 slides — 0/1 slides
100% 1/1 slides — 0/1 slides
Expose Contradiction 74 slides 100% 74/74 slides 100% 74/74 slides · 558 hits — 0/74 slides
5.4% 4/74 slides 93.2% 69/74 slides 100% 74/74 slides · 78 hits — 0/74 slides
Villain Critique 3 slides 100% 3/3 slides 100% 3/3 slides · 19 hits — 0/3 slides
— 0/3 slides
100% 3/3 slides 100% 3/3 slides · 6 hits — 0/3 slides
Propose Solution 1 slides 100% 1/1 slides 100% 1/1 slides · 8 hits — 0/1 slides
100% 1/1 slides 100% 1/1 slides 100% 1/1 slides · 2 hits — 0/1 slides
Slide inventory
238 every slide · same image gating as the playbook
06
The slide uses color-coded boxes (blue vs red) to distinguish between general company milestones and specific family leadership milestones.expose_contradiction
07
The slide uses a red double-headed arrow to visually emphasize the performance gap between the company and its peers.diagnose_problem
Open slide detailBeat · Expose Contradiction
08
The slide uses a combination of a summary table and three line charts to demonstrate underperformance across different time horizons.compare_peers
Open slide detailBeat · Expose Contradiction
09
The slide uses a combination of a summary table and three line charts to illustrate long-term value destruction.compare_peers
Open slide detailBeat · Expose Contradiction
10
The slide uses a simple list-based structure to categorize the primary drivers of the investment thesis.diagnose_problem
Open slide detailBeat · Expose Contradiction
11
Includes a summary table of average margins over different time periods and a combo chart showing annual performance.expose_gap
Open slide detailBeat · Expose Contradiction
12
Uses a red dashed box to visually isolate Huntsman as the 'worst among primary peers'.compare_peers
Open slide detailBeat · Expose Contradiction
13
The slide uses a 'failed' label to highlight a pattern of broken promises to shareholders.expose_contradiction
Open slide detailBeat · Expose Contradiction
14
Uses a 'before-after' style comparison to highlight management failure to meet stated financial goals.expose_contradiction
Open slide detailBeat · Expose Contradiction
15
Uses a CEO quote to preemptively explain away the 'actual' results as temporary spikes.expose_contradiction
Open slide detailBeat · Expose Contradiction
16
The slide uses a screenshot of an investor presentation to imply a narrative of entrenched leadership.expose_contradiction
Open slide detailBeat · Expose Contradiction
17
The slide uses a 'FAILED' callout repeatedly to emphasize the lack of performance against stated goals.expose_contradiction
Open slide detailBeat · Expose Contradiction
18
Uses a red bar to emphasize the target and a dashed box to highlight the pre-COVID consensus miss.expose_contradiction
Open slide detailBeat · Expose Contradiction
19
Uses a before-after framing to highlight management failure.expose_contradiction
Open slide detailBeat · Expose Contradiction
20
Uses a line chart with annotated callouts to highlight the gap between stated intent and actual execution.expose_contradiction
Open slide detailBeat · Expose Contradiction
21
Uses a red bar for the target and a dark blue bar for the actual performance to emphasize the shortfall.expose_contradiction
Open slide detailBeat · Expose Contradiction
22
The slide uses a red-line vs blue-line contrast to emphasize the gap between the target company and its peers.expose_gap
Open slide detailBeat · Expose Contradiction
23
The slide uses red annotations to emphasize the gap between the target and actual performance.expose_contradiction
Open slide detailBeat · Expose Contradiction
24
Uses a series of bar charts to visualize the gap between management targets and actual results.expose_contradiction
Open slide detailBeat · Expose Contradiction
25
Uses a visual comparison of red (Investor Day) vs blue (Management Bonus) bars to highlight the gap.expose_contradiction
Open slide detailBeat · Expose Contradiction
26
The slide uses a bar chart to show the target reduction and a table to show peer behavior.expose_contradiction
Open slide detailBeat · Expose Contradiction
27
Uses a bar chart to compare original targets, threshold, revised targets, and actual performance to highlight the contradiction.expose_contradiction
Open slide detailBeat · Expose Contradiction
28
Uses a network diagram to visualize conflicts of interest.name_villain
Open slide detailBeat · Expose Contradiction
29
Uses visual headshots to demonstrate board composition changes over time.expose_contradiction
Open slide detailBeat · Expose Contradiction
30
Uses a red-dashed box to highlight specific directors targeted for replacement.name_villain
Open slide detailBeat · Expose Contradiction
31
The slide uses a list of promises to set up a critique of the Board's lack of independence.expose_contradiction
Open slide detailBeat · Expose Contradiction
32
Uses the 'definition of insanity' quote as a rhetorical device to undermine management credibility.expose_contradiction
Open slide detailBeat · Expose Contradiction
33
Includes a pull-quote from Morgan Stanley and a line chart showing indexed performance.summarize
Open slide detailBeat · Expose Contradiction
34
Uses a waterfall-bridge chart to visualize margin expansion.propose_solution
Open slide detailBeat · Expose Contradiction
35
The chart highlights Huntsman's stagnation and recent downgrade compared to the upward trajectory of its peers.compare_peers
Open slide detailBeat · Expose Contradiction
36
The slide uses a red 'x' to highlight deficiencies in Huntsman's ESG reporting, specifically calling out the Board's ESG Committee.compare_peers
Open slide detailBeat · Expose Contradiction
37
Uses a chronological sequence to highlight corporate inaction.expose_contradiction
Open slide detailBeat · Expose Contradiction
38
The slide uses a checkmark/cross comparison matrix to highlight disclosure gaps.compare_peers
Open slide detailBeat · Expose Contradiction
42
The slide uses a red arrow to visually emphasize the performance gap between the company and its peers.compare_peers
Open slide detailBeat · Expose Contradiction
43
The chart uses a red line to emphasize the company's negative performance relative to the positive performance of peers and indices.compare_peers
Open slide detailBeat · Expose Contradiction
44
The chart explicitly labels a '2.7x Discount to Performance Peers' at the end of the period.expose_gap
Open slide detailBeat · Expose Contradiction
46
The slide uses a 'before-after' framing to highlight the gap between management's historical promises and actual outcomes.expose_contradiction
Open slide detailBeat · Expose Contradiction
47
Uses a 'before-after' style comparison of stated targets vs actual performance to highlight management failure.expose_contradiction
Open slide detailBeat · Expose Contradiction
48
Uses a combination of bar chart for Huntsman and line charts for peer averages to visualize the widening gap.expose_gap
Open slide detailBeat · Expose Contradiction
49
The slide uses a red dashed box to visually isolate Huntsman as the worst performer among the primary peer group.compare_peers
Open slide detailBeat · Expose Contradiction
50
Uses a red dashed box to highlight Huntsman as the 'Worst among Primary Peers'.compare_peers
Open slide detailBeat · Expose Contradiction
51
The slide uses a series of pull-quotes to build a narrative of consistent underperformance as perceived by the market.expose_contradiction
Open slide detailBeat · Expose Contradiction
53
The slide uses a waterfall chart to break down the $27/share value creation target.expose_contradiction
Open slide detailBeat · Expose Contradiction
54
This slide is used to set up a contradiction by highlighting past management promises that were likely not met.expose_contradiction
Open slide detailBeat · Expose Contradiction
55
Uses direct quotes from Peter Huntsman to establish a baseline of management's past promises.expose_contradiction
Open slide detailBeat · Expose Contradiction
56
Uses a waterfall-style comparison to show the gap between the 2020 target and actual 2020 performance.expose_contradiction
Open slide detailBeat · Expose Contradiction
57
Uses a red arrow to highlight the shortfall between the target and the consensus estimate.expose_contradiction
Open slide detailBeat · Expose Contradiction
58
Uses a 'before-after' style contradiction to highlight management failure.expose_contradiction
Open slide detailBeat · Expose Contradiction
59
Uses a line chart with callout boxes to highlight the gap between management's stated intent and the final financial outcome.expose_contradiction
Open slide detailBeat · Expose Contradiction
60
The slide uses a red-to-blue color scheme to contrast the target (red) with the actual performance (blue).expose_contradiction
Open slide detailBeat · Expose Contradiction
61
The slide uses a red-line vs blue-line comparison to emphasize the 'failure' to close the valuation gap.compare_peers
Open slide detailBeat · Expose Contradiction
62
Uses a 'FAILED' label in red boxes to emphasize the gap between promise and reality.expose_contradiction
Open slide detailBeat · Expose Contradiction
63
Uses red annotations to emphasize the gap between the target and actual performance.expose_contradiction
Open slide detailBeat · Expose Contradiction
64
The slide uses a 'failed' label to highlight the lack of credibility in management's projections.expose_contradiction
Open slide detailBeat · Expose Contradiction
65
Uses a CEO quote and a waterfall chart to establish a baseline expectation that the activist intends to contradict later.expose_contradiction
Open slide detailBeat · Expose Contradiction
66
The slide uses a chronological sequence of quotes to build a case for management's over-promising.expose_contradiction
Open slide detailBeat · Expose Contradiction
67
Uses direct quotes from executives to demonstrate the contradiction.expose_contradiction
Open slide detailBeat · Expose Contradiction
68
The chart uses a red line to highlight the gap between the initial target and the actual consensus decline.expose_contradiction
Open slide detailBeat · Expose Contradiction
69
Uses a 'before-after' style comparison to highlight management failure.expose_contradiction
Open slide detailBeat · Expose Contradiction
70
Uses a red arrow to visually connect the 2013 baseline to the 2016 actuals, highlighting a 6% decline.expose_contradiction
Open slide detailBeat · Expose Contradiction
71
The slide uses a red dashed box to visually group the underperforming segments, emphasizing the failure to meet targets.expose_contradiction
Open slide detailBeat · Expose Contradiction
72
Uses a waterfall-style chart to illustrate the gap between core business targets and the uncertain TiO2 business performance.expose_contradiction
Open slide detailBeat · Expose Contradiction
73
The slide uses a red dashed box to highlight the contradiction between the two targets.expose_contradiction
Open slide detailBeat · Expose Contradiction
74
The slide uses a chronological list of quotes to establish a pattern of management promises.expose_contradiction
Open slide detailBeat · Expose Contradiction
75
Uses a direct quote from the CEO to highlight the gap between management guidance and actual performance.expose_contradiction
Open slide detailBeat · Expose Contradiction
76
Uses a direct quote to establish the promise, followed by a bar chart showing the failure to meet the GDP benchmark.expose_contradiction
Open slide detailBeat · Expose Contradiction
77
Uses a waterfall-style bridge to show the gap between targets and actuals, adjusted for divestitures and one-time gains.expose_contradiction
Open slide detailBeat · Expose Contradiction
78
The slide uses a 'failed' label in red boxes to emphasize the lack of achievement.expose_contradiction
Open slide detailBeat · Expose Contradiction
79
Uses a series of bar charts to visualize the gap between management targets and actual results.expose_contradiction
Open slide detailBeat · Expose Contradiction
80
Uses a CEO quote and a screenshot of a slide from the company's own presentation to frame the narrative of broken promises.expose_contradiction
Open slide detailBeat · Expose Contradiction
81
Uses red dashed boxes to highlight 'Failed' status of previous targets.expose_contradiction
82
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83
Uses the 'ceo-quote-contradiction' framework to undermine management's narrative.expose_contradiction
84
The slide uses a combination of a bar chart for Huntsman and line charts for peer averages to visualize the widening gap.expose_gap
85
Uses a 'ceo-quote-contradiction' pattern to undermine management credibility.expose_contradiction
86
Uses a 'failed' stamp visual to emphasize the contradiction between management guidance and actual performance.expose_contradiction
87
Uses a chronological list format to highlight historical failures.expose_contradiction
88
Uses a chronological list format to highlight historical failures.expose_contradiction
89
Includes a quote from Barclays (Nov 2021) highlighting historical skepticism regarding management's ability to execute.expose_contradiction
90
Uses the 'definition of insanity' quote to frame the company's repeated failures.expose_contradiction
93
The slide uses a hub-and-spoke diagram to visualize conflicts of interest centered around Peter Huntsman.expose_contradiction
95
Uses a visual flow diagram to show the flow of funds from the Huntsman family to HCI and then to Dr. Beckerle.expose_contradiction
96
Uses a hub-and-spoke diagram to show financial ties between directors and the institution.expose_contradiction
97
Uses primary source documentation (news clippings and email excerpts) to establish a quid-pro-quo relationship.expose_contradiction
98
The slide uses a 'Memorandum of Understanding' summary to frame the governance structure as a mechanism for control.expose_contradiction
99
The slide uses a red-tinted column overlay to highlight specific directors (Mr. Ferrari and Ms. Egan) that the activist is seeking to replace.expose_contradiction
100
Uses a contrast-pairs framework to highlight the Board's failure to consider relevant financial and influence-based relationships.expose_contradiction
101
Uses a diagram to map board memberships and historical reporting lines to imply conflict of interest.expose_contradiction
102
The slide uses a line chart with callout boxes to annotate specific dates and share prices, emphasizing the negative performance.expose_contradiction
103
Uses red dashed boxes to highlight Mr. Ferrari's presence in all three entities.expose_contradiction
104
The slide uses a stock chart to imply a conflict of interest or questionable governance regarding the transfer of value and executive hiring.expose_contradiction
105
The slide uses a timeline to frame a narrative of cronyism and value destruction.expose_contradiction
106
Uses a hub-and-spoke style diagram to map relationships between directors and shared entities/interests.expose_contradiction
108
Uses a visual timeline of headshots to demonstrate board stagnation.expose_contradiction
109
Highlights a specific lack of industry expertise among recent board appointees.expose_contradiction
110
Uses red 'X' icons to visually represent the failure to enforce policy.expose_contradiction
111
The slide uses red dashed boxes to identify specific board members targeted for removal by Starboard Value.name_villain
113
Uses red dashed boxes to highlight specific board members targeted for removal by Starboard Value.name_villain
114
Uses a 'pay-for-performance' alignment framework common in activist investor decks.expose_contradiction
115
The slide uses a scatter plot to visually demonstrate that the peer group average falls outside the recommended 'Proxy Advisor Guidelines' box.expose_contradiction
116
The slide uses a scatter plot to visualize the disconnect between company size and executive compensation.compare_peers
117
The slide uses a bar chart to visually demonstrate the gap between public commitments and internal compensation targets.expose_contradiction
118
Uses a side-by-side bar chart comparison to highlight the gap between public promises and internal compensation metrics.expose_contradiction
119
Uses a contrast-pairs framework to highlight the discrepancy between public rhetoric and internal compensation incentives.expose_contradiction
120
The slide uses a bar chart for the target reduction and a table to highlight the peer group's lack of reduction.expose_contradiction
121
Uses a bar chart to compare original targets, threshold, revised targets, and actual performance to highlight the contradiction between stated policy and actualexpose_contradiction
122
Uses a line chart to visualize the 'skew' in incentive compensation.expose_contradiction
123
The chart uses a specific calculation for skewness: (100% less minimum percentage) / (maximum percentage less 100%).compare_peers
124
The slide highlights a lack of alignment in peer selection, suggesting potential governance issues.expose_contradiction
125
The slide uses a bar chart to highlight a governance failure where the company benchmarks against lower-performing peers to make compensation targets easier to expose_contradiction
126
The slide uses a checkmark/cross matrix to visualize peer group volatility.expose_contradiction
127
The chart uses a blue dashed line to indicate the peer group average of $0.3M, with HUN highlighted in red.compare_peers
128
The slide uses a map to visualize flight frequency to leisure destinations, framing it as a governance issue.expose_contradiction
129
Uses LinkedIn screenshots to prove the existence of dedicated aviation staff.expose_contradiction
130
The slide uses a red-blue color contrast to highlight the gap between Huntsman and its peers.expose_contradiction
131
Uses red dashed boxes to highlight specific board members targeted for removal.name_villain
133
Uses red dashed boxes to highlight specific board members targeted for replacement.expose_contradiction
134
Uses a timeline-based visual to contrast board composition over time, emphasizing the 'sham' nature of the refreshment process.expose_contradiction
135
Uses a timeline framework to highlight contradictions between the Board's stated 'pre-planned' process and their actual reactive behavior.expose_contradiction
136
Uses a before-and-after visual comparison to imply poor governance and reactive decision-making.expose_contradiction
137
Uses a side-by-side comparison framework to attack specific board members.name_villain
138
The slide uses a red dashed box to highlight a specific nominee targeted for replacement.introduce_nominees
139
The slide uses a timeline-like structure to build a case against the nominee's integrity.expose_contradiction
140
Uses red dashed boxes to indicate specific board members targeted for removal.expose_contradiction
142
Uses red dashed boxes to identify targets for replacement and red rounded rectangles to list specific governance failures.expose_contradiction
143
The slide uses a timeline to illustrate a specific governance maneuver by the board.expose_contradiction
144
Uses quotes from ISS and Glass Lewis to establish industry consensus against the Board's action.expose_contradiction
145
Uses color-coding (blue for Starboard, red for Huntsman) to highlight the adversarial nature of the timeline.expose_contradiction
146
Uses a numbered list to highlight three specific governance failures.expose_contradiction
147
The slide uses a timeline to establish a pattern of behavior (precedent) to discredit the board members.expose_contradiction
150
Uses a split-layout comparing committee members (left) with specific ESG failures (right).name_villain
151
The chart highlights a ratings downgrade for Huntsman while peers have maintained or improved their ratings.compare_peers
152
The slide uses a red 'x' and green checkmark system to highlight Huntsman's deficiencies in ESG metrics.compare_peers
153
Uses a chronological contrast-pair structure to highlight corporate inaction.expose_contradiction
154
The slide uses a checkmark/cross system to highlight the gap between Huntsman and its peers.compare_peers
156
This is an activist investor slide targeting specific board members for removal.introduce_nominees
157
The slide uses a list-based structure to build a case against a specific board member.name_villain
158
The slide uses a 'villain critique' structure to isolate a specific board member's track record.name_villain
159
The slide uses a list-based structure to build a case against a specific board member.name_villain
160
The slide uses a 'villain' framing to discredit a specific director nominee.name_villain
163
Uses dashed-border boxes to highlight specific analyst commentary.introduce_nominees
164
Includes logos of companies associated with the nominee's career history.introduce_nominees
165
The slide uses a testimonial from Peter Huntsman to validate the performance claim.introduce_nominees
166
Includes a grid of company logos associated with the nominee's career.introduce_nominees
170
The slide uses a waterfall-bridge framework to visualize margin expansion.propose_solution
176
The table categorizes companies based on the Company's 2021 Proxy Statement.appendix
177
The slide uses visual callouts (red arrows) to point to specific data points in historical charts to prove a point about peer selection consistency.expose_contradiction
178
Used to preemptively counter management's potential future claims that these companies are not appropriate peers.expose_contradiction
179
The slide uses analyst quotes to validate the peer group selection for valuation purposes.cite_precedent
180
The table categorizes companies into Proxy Peers, Performance Peers, and Primary Peers with corresponding market capitalization data.summarize
182
Uses the 'ceo-quote-contradiction' framework to build a case against management credibility.expose_contradiction
183
The slide uses a CEO quote to establish a baseline expectation that the company later failed to meet, serving as a classic 'expose contradiction' activist tactiexpose_contradiction
184
The slide uses CEO quotes to establish a baseline of management optimism that is likely contrasted in subsequent slides.expose_contradiction
186
Uses a CEO quote to establish the initial target, then contrasts it with actual performance data.expose_contradiction
187
Uses a bar chart to contrast a dashed target line with actual performance metrics.expose_contradiction
188
Uses a CEO quote to establish a baseline expectation, then uses a bar chart to show the failure to meet that expectation.expose_contradiction
189
Uses a 'failed' status callout for each row to emphasize the gap between promise and reality.expose_contradiction
190
Uses a 'Commitment vs. Result' framework to expose management credibility gaps.expose_contradiction
191
Uses a line chart with callout boxes to highlight the gap between management's stated goals and actual execution.expose_contradiction
192
The slide uses a clear 'failed' status indicator to undermine management credibility.expose_contradiction
194
The slide uses management's own words to set up a future contradiction regarding the success or strategic fit of the acquisition.expose_contradiction
195
The slide uses direct quotes to establish a baseline of management's past promises, likely to be contrasted with actual performance in subsequent slides.expose_contradiction
196
The slide uses a 'before-after' style framing to highlight the gap between management promises and actual performance.expose_contradiction
197
Uses a 'before and after' framing to highlight management's failure to deliver on acquisition promises.expose_contradiction
198
The slide uses a waterfall-style logic to demonstrate value destruction.expose_contradiction
200
The chart uses a red bar to highlight the target company (HUN) against grey bars for peers.compare_peers
201
Uses a stacked bar chart to contrast qualified vs. non-qualified pension components.expose_contradiction
202
The slide uses a red bar to highlight the target company (HUN) and a callout box to emphasize the disparity.compare_peers
203
The slide uses a table to highlight a pattern of executive compensation that the activist investor deems misaligned with shareholder interests.expose_contradiction
204
The chart uses a red bar to highlight the subject company (HUN) against peers.compare_peers
206
This is a standard 'constructive engagement' slide used by activists to preempt accusations of hostility.state_demand
207
The slide uses a red dashed box to isolate Huntsman and a red bar to emphasize its low margin relative to the peer average line.compare_peers
208
The slide uses a waterfall bridge to visualize the 600bps (6%) margin expansion opportunity.propose_solution
213
Uses a CEO quote to support the hypothesis that the company prioritizes volume over differentiation.expose_contradiction
214
The chart uses a dual-axis style visualization (bar for internal consumption, line for EBITDA margin) to show the stagnation of internal consumption since 2017 expose_contradiction
217
The chart highlights Huntsman's strategic positioning relative to peers like BASF, Dow, Covestro, and Wanhua.compare_peers
218
Uses a CEO quote to highlight the contradiction between stated strategy and actual financial performance.expose_contradiction
219
The slide uses a line chart to contrast Huntsman's performance against peers, specifically calling out the contradiction between expected stability and observedexpose_contradiction
220
Uses two line charts to contrast pricing volatility with margin stability.diagnose_problem
221
Uses a waterfall-style chart to visualize contribution margins across different end markets, highlighting the low-margin 'red' segment vs high-margin 'green' sepropose_solution
222
Uses a process flow diagram to illustrate the pricing discrepancy between a vertically integrated producer and a non-integrated competitor.expose_contradiction
223
Uses a structured 'Background-Problem-Solution' framework to advocate for operational/financial restructuring.propose_solution
224
The slide uses a comparison frame to validate the activist's proposal for Huntsman by citing peer precedents.compare_peers
225
The slide highlights a strategic pivot from integrated to stand-alone margin reporting.expose_contradiction
228
The slide uses color-coded background shading to highlight different strategic phases (green for 'voluntary reduction' and red for 'regressed' performance).expose_contradiction
229
The slide uses a red bar for Huntsman to visually distinguish it from the grey peer bars.compare_peers
230
The slide uses a color-coded bar chart (green for high margin, yellow for low margin) to advocate for portfolio optimization.propose_solution
231
Uses a classic 'Background-Problem-Solution' structure common in activist investor presentations.propose_solution
233
Uses a 'Problem-Solution' framework structure. The chart highlights a higher FTE-to-revenue ratio compared to peers.propose_solution
234
Uses a three-part structure: Background, Problem, and Proposed Solution.diagnose_problem
235
Uses geographic maps to visualize the current R&D footprint and identify consolidation targets.propose_solution