Altair US LLC | Activist Presentation Deck

Altair US LLC | Activist Presentation Deck | 38 slides

Altair US, LLC · 2022-09

arc beats above · slides in the middle · loops below · scroll → 2 LOOPS

Deck intelligence map

coverage by narrative range · generated from this deck JSON

Narrative range 38 total

Metadata

Components

Metrics

Tools

Frameworks

Beats

Loops

Problem 9 slides 100% 9/9 slides 100% 9/9 slides · 44 hits

— 0/9 slides

66.7% 6/9 slides · 7 hits 22.2% 2/9 slides 100% 9/9 slides

— 0/9 slides

Agitate 15 slides 100% 15/15 slides 100% 15/15 slides · 68 hits

— 0/15 slides

40% 6/15 slides · 7 hits 53.3% 8/15 slides 100% 15/15 slides 20% 3/15 slides Solution 14 slides 100% 14/14 slides 100% 14/14 slides · 72 hits

— 0/14 slides

7.1% 1/14 slides 71.4% 10/14 slides 100% 14/14 slides 21.4% 3/14 slides

Slide inventory

every slide · same image gating as the playbook

front_matter

Open slide detailBeat · Problem

other

Open slide detailBeat · Problem

Uses external analyst quotes to validate the activist's position on valuation.frame_problem

Open slide detailBeat · Problem

front_matter

Open slide detailBeat · Problem

transition

Open slide detailBeat · Problem

The slide uses a three-column structure to present the activist's thesis.summarize

Open slide detailBeat · Problem

Includes a line chart comparing Avalara's 3-year TSR against comparable public companies and the S&P Software Index.establish_context

Open slide detailBeat · Problem

establish_context

Open slide detailBeat · Problem

The slide highlights a flawed sale process and negative shareholder/analyst sentiment.diagnose_problem

Open slide detailBeat · Problem

The slide uses a combination of bulleted performance highlights and two charts to support the thesis of consistent growth.summarize

Open slide detailBeat · Agitate

Uses management's own words to validate the investment thesis.summarize

Open slide detailBeat · Agitate

transition

Open slide detailBeat · Agitate

frame_problem

Open slide detailBeat · Agitate

The slide uses a combination of a line chart for TSR and a grouped bar chart for valuation multiples to demonstrate the market downturn.diagnose_problem

Open slide detailBeat · AgitateLoop · Cost Of Inaction

The slide uses two bar charts to illustrate the widening of high-yield spreads and the decline in transaction volume as evidence of a difficult financing envirodiagnose_problem

Open slide detailBeat · AgitateLoop · Cost Of Inaction

Includes two bar charts showing revenue growth and operating income projections.frame_situation

Open slide detailBeat · AgitateLoop · Cost Of Inaction

transition

Open slide detailBeat · Agitate

The slide uses a numbered list format to structure the critique of the board's actions.expose_contradiction

Open slide detailBeat · Agitate

The slide uses a stock price line chart as the background for a chronological narrative, implying that the board's actions were poorly timed relative to market expose_contradiction

Open slide detailBeat · Agitate

Uses numbered footnotes to substantiate claims of financial incentives and revenue declines.expose_contradiction

Open slide detailBeat · Agitate

The slide uses a numbered list format to detail specific failures in the M&A process, including the 'no-shop' provision and limited outreach by the financial adexpose_contradiction

Open slide detailBeat · Agitate

Uses conflict of interest as a narrative device to suggest a biased M&A process.expose_contradiction

Open slide detailBeat · Agitate

The slide uses a narrative structure to expose a contradiction between the Board's fiduciary duty and their actual negotiation behavior.expose_contradiction

Open slide detailBeat · Agitate

transition

Open slide detailBeat · Agitate

The slide uses a numbered list format to structure the valuation critique.diagnose_problem

Open slide detailBeat · SolutionLoop · The Reveal

The chart highlights the gap between the market's historical valuation and the proposed acquisition price.show_valuation_bridge

Open slide detailBeat · SolutionLoop · The Reveal

Uses a combination of a bar chart for historical price targets and a bar chart for premium/discount analysis to frame the deal as undervalued.show_valuation_bridge

Open slide detailBeat · SolutionLoop · The Reveal

Uses a line chart to show historical valuation trends and a bar chart to compare valuation compression across peers.expose_contradiction

Open slide detailBeat · Solution

Uses a stock price chart to anchor the argument that the company was trading at a level where a standard premium would have exceeded $100/share.preempt_rebuttal

Open slide detailBeat · Solution

Uses a combination of TSR performance and deal premium benchmarking to expose the 'trough' valuation.preempt_rebuttal

Open slide detailBeat · Solution

Uses a 'true undisturbed price' argument to challenge the fairness opinion's baseline.preempt_rebuttal

Open slide detailBeat · Solution

transition

Open slide detailBeat · Solution

The slide uses a grid of pull-quotes to build consensus on the undervaluation of the target company.cite_precedent

Open slide detailBeat · Solution

cite_precedent

Open slide detailBeat · Solution

transition

Open slide detailBeat · Solution

Includes three news clippings as evidence of recent deal activity.quantify_opportunity