Blackwells Capital | Activist Presentation Deck | 65 slides

Blackwells Capital · 2022-02
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 5
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Deck intelligence map

4
coverage by narrative range · generated from this deck JSON

Slide inventory

65
every slide · same image gating as the playbook
01
Slide 1
front_matter
Open slide detailBeat · The CallLoop · Golden Circle
02
front_matter
Open slide detailBeat · The CallLoop · Golden Circle
03
front_matter
Open slide detailBeat · The CallLoop · Golden Circle
04
front_matter
Open slide detailBeat · The CallLoop · Golden Circle
05
The slide uses a mix of qualitative business description and quantitative financial metrics to frame the company's current state.summarize
Open slide detailLoop · Golden Circle
06
summarize
Open slide detailLoop · Golden Circle
07
The chart uses a 'waterfall' style layout to show the distribution of returns, with Peloton highlighted in red at the extreme left.diagnose_problem
Open slide detailLoop · Golden Circle
08
diagnose_problem
Open slide detailLoop · Golden Circle
09
The slide uses a list-based argument on the left and a logo-grid table on the right to illustrate potential strategic buyers.propose_solution
Open slide detailLoop · Golden Circle
10
front_matter
Open slide detailLoop · Golden Circle
11
summarize
Open slide detailLoop · Golden Circle
12
Uses a 'disruptor' framework to validate Peloton's business model by analogy to other industries.compare_peers
Open slide detailLoop · Golden Circle
13
Includes maps of Germany and Australia as visual cues for international expansion.size_opportunity
Open slide detailLoop · Golden Circle
14
The slide uses two bar charts to demonstrate growth and a list to highlight operational and financial advantages.analyze_data
Open slide detailLoop · Golden Circle
15
Includes a bar chart of monthly workouts per subscriber and a grid of instructor Instagram follower counts.summarize
Open slide detailLoop · Golden Circle
16
Uses a sensitivity analysis approach to derive implied share price.show_valuation_bridge
Open slide detailLoop · Golden Circle
17
Uses a decomposition of valuation based on FYE 6/2023 gross profit estimates.show_valuation_bridge
Open slide detailLoop · Golden Circle
18
transition
Open slide detailLoop · Golden Circle
19
The slide uses a red arrow and a dashed line to emphasize the significant drop in stock value.diagnose_problem
Open slide detailBeat · The MonsterLoop · Pattern Hunter
20
The slide uses a quote to frame management as out of touch with reality.expose_contradiction
Open slide detailBeat · The MonsterLoop · Pattern Hunter
21
The slide uses a consistent color scheme to highlight Peloton's underperformance relative to peers and market indices.compare_peers
Open slide detailBeat · The MonsterLoop · Pattern Hunter
22
The slide uses a contrast-pairs approach to show Peloton's low valuation vs. high skepticism.compare_peers
Open slide detailBeat · The MonsterLoop · Pattern Hunter
23
transition
Open slide detailBeat · The MonsterLoop · Pattern Hunter
24
name_villain
Open slide detailBeat · The MonsterLoop · Pattern Hunter
25
Uses the 'ceo-quote-contradiction' framework to undermine leadership credibility.expose_contradiction
Open slide detailBeat · The MonsterLoop · Pattern Hunter
26
Uses juxtaposition of stock performance and management commentary to highlight a lack of discipline.expose_contradiction
Open slide detailBeat · The MonsterLoop · Pattern Hunter
27
Uses media clippings as evidence of strategic vacillation.expose_contradiction
Open slide detailBeat · The MonsterLoop · Pattern Hunter
28
Uses a quote-based structure to contrast management's stated confidence with the reality of inventory buildup.expose_contradiction
Open slide detailBeat · The MonsterLoop · Pattern Hunter
29
Uses a timeline framework to contrast the CPSC warning with Peloton's initial denial and subsequent apology.expose_contradiction
Open slide detailBeat · The MonsterLoop · Pattern Hunter
30
Uses a 'Markets Insider' pull-quote to validate the critique of capital allocation.expose_contradiction
Open slide detailBeat · The MonsterLoop · Pattern Hunter
31
Uses visual evidence of the office building to emphasize the scale of the decision.name_villain
Open slide detailBeat · The MonsterLoop · Pattern Hunter
32
Uses a CEO quote to highlight hypocrisy/contradiction.expose_contradiction
Open slide detailBeat · The MonsterLoop · Pattern Hunter
33
Uses a direct quote from the company's 10-K to expose management failure.expose_contradiction
Open slide detailBeat · The MonsterLoop · Pattern Hunter
34
Uses quotes from the CEO and internal officers to build a case for nepotism and poor governance.expose_contradiction
Open slide detailBeat · The MonsterLoop · Pattern Hunter
35
Uses the 'ceo-quote-contradiction' pattern to highlight the gap between management rhetoric and insider behavior.expose_contradiction
Open slide detailBeat · The MonsterLoop · Pattern Hunter
36
The slide uses a bar chart to visualize the percentage of economic interest pledged by specific executives and directors.expose_contradiction
Open slide detailBeat · The MonsterLoop · Pattern Hunter
37
Uses external media headlines as evidence of internal failure.expose_contradiction
Open slide detailBeat · The MonsterLoop · Pattern Hunter
38
Uses a before-after framing to expose management's lack of credibility.expose_contradiction
Open slide detailBeat · The MonsterLoop · Pattern Hunter
39
Uses a combination of a press clipping and direct quotes to undermine CEO credibility.expose_contradiction
Open slide detailBeat · The MonsterLoop · Pattern Hunter
40
Uses a CEO quote to highlight the gap between management's narrative and reality.expose_contradiction
Open slide detailBeat · The MonsterLoop · Pattern Hunter
41
Uses authority citation to undermine management's narrative.expose_contradiction
Open slide detailBeat · The MonsterLoop · Pattern Hunter
42
Uses a news clipping as evidence of management's lack of internal capability.expose_contradiction
Open slide detailBeat · The MonsterLoop · Pattern Hunter
43
transition
Open slide detailBeat · The StruggleLoop · Golden Circle
44
diagnose_problem
Open slide detailBeat · The StruggleLoop · Golden Circle
45
The slide uses ISS QualityScore data to frame the company as having high risk and poor disclosure practices.name_villain
Open slide detailBeat · The StruggleLoop · Golden Circle
46
The slide highlights governance deficiencies by showing low prevalence of specific practices among major market indices.compare_peers
Open slide detailBeat · The StruggleLoop · Golden Circle
47
Uses a hub-and-spoke style network diagram to visualize conflicts of interest.introduce_nominees
Open slide detailBeat · The StruggleLoop · Golden Circle
48
The slide uses the 'WITHHOLD' recommendations as evidence of board failure.expose_contradiction
Open slide detailBeat · The StruggleLoop · Golden Circle
49
Uses a news article screenshot as a credibility anchor.expose_contradiction
Open slide detailBeat · The StruggleLoop · Golden Circle
50
The slide uses a dual-axis chart to visually contrast the gain of insiders against the loss of shareholder value.expose_contradiction
Open slide detailBeat · The StruggleLoop · Golden Circle
51
The slide uses a bar chart to visualize the percentage of shares pledged against a 40% policy limit, visually calling out John Foley.expose_contradiction
Open slide detailBeat · The StruggleLoop · Golden Circle
52
Uses a bar chart to show the gap between economic interest and voting power, and a grouped bar chart to show the impact of excluding executive votes on shareholexpose_contradiction
Open slide detailBeat · The StruggleLoop · Golden Circle
53
The slide uses a bar chart to show that 100% of CEO compensation opportunity in FY22 was base salary and time-based equity.expose_contradiction
Open slide detailBeat · The StruggleLoop · Golden Circle
54
The slide uses a clear demand-list structure to advocate for corporate governance changes.state_demand
Open slide detailBeat · The StruggleLoop · Golden Circle
55
front_matter
Open slide detailBeat · The VictoryLoop · Golden Circle
56
This is an activist investor deck slide from Blackwells Capital.propose_solution
Open slide detailBeat · The VictoryLoop · Golden Circle
57
summarize
Open slide detailBeat · The VictoryLoop · Golden Circle
58
Uses external analyst report (Wedbush) and news media (Reuters) to validate the thesis of strategic interest.cite_precedent
Open slide detailBeat · The VictoryLoop · Golden Circle
59
The table uses checkmarks and x-marks to evaluate 17 companies across 6 categories. The companies are grouped into three sectors: Sporting Goods, Content and Sucompare_peers
Open slide detailBeat · The VictoryLoop · Golden Circle
60
Uses a tornado-style bar chart to show valuation ranges against a current stock price anchor.show_valuation_bridge
Open slide detailBeat · The VictoryLoop · Golden Circle
61
The table calculates the required penetration for value accretion and the potential value creation at 2.5% and 5% penetration levels for 8 major media/tech compquantify_opportunity
Open slide detailBeat · The VictoryLoop · Golden Circle
62
transition
Open slide detailBeat · The VictoryLoop · Golden Circle
63
Includes 'RIGHT NOW' stamps to emphasize urgency.state_next_steps
Open slide detailBeat · The VictoryLoop · Golden Circle
64
state_demand
Open slide detailBeat · The VictoryLoop · Golden Circle
65
other
Open slide detailBeat · The VictoryLoop · Golden Circle