{
  "kind": "framework",
  "value": "valuation-table",
  "collectionKey": "slides:framework:valuation-table:all-document-kinds:all-producers:all-orientations",
  "filters": {
    "documentKinds": [],
    "sourceTypes": [],
    "orientations": []
  },
  "total": 66,
  "page": 1,
  "pageSize": 24,
  "pageCount": 3,
  "rows": [
    {
      "docId": "019dd923-622c-750b-8b98-bbf01cbdce4e",
      "docSlug": "49a0a0f158f5",
      "documentTitle": "Premier, Inc. (PINC)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2019-09-25 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 18,
      "slideType": "valuation_table",
      "function": "quantify_opportunity",
      "notes": "Includes a screenshot of the 2017 Form 990 and a detailed financial table comparing Actual, 66% Shareback, and In-House scenarios.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Financial model comparing actual vs hypothetical scenarios",
      "slideHref": "/slides/019dd923-622c-750b-8b98-bbf01cbdce4e/18",
      "deckHref": "/decks/019dd923-622c-750b-8b98-bbf01cbdce4e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-bbf01cbdce4e#slide-18",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b98-bbf01cbdce4e",
      "docSlug": "49a0a0f158f5",
      "documentTitle": "Premier, Inc. (PINC)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2019-09-25 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 29,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "The table uses a standard financial modeling structure to derive share price and downside percentage from varying shareback assumptions.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Financial model table comparing scenarios",
      "slideHref": "/slides/019dd923-622c-750b-8b98-bbf01cbdce4e/29",
      "deckHref": "/decks/019dd923-622c-750b-8b98-bbf01cbdce4e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-bbf01cbdce4e#slide-29",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b98-c3e7825e1948",
      "docSlug": "8b6a62f49fba",
      "documentTitle": "Church & Dwight Co., Inc. (CHD)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Ben Axler",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2019-09-05 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 83,
      "slideType": "valuation_table",
      "function": "quantify_opportunity",
      "notes": "The table highlights a bearish thesis by comparing current market price against analyst consensus.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Comparison of market price to analyst consensus targets",
      "slideHref": "/slides/019dd923-622c-750b-8b98-c3e7825e1948/83",
      "deckHref": "/decks/019dd923-622c-750b-8b98-c3e7825e1948",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-c3e7825e1948#slide-83",
      "loopMatches": [
        {
          "to": 92,
          "from": 1,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "d8d41695-ad33-43d2-9478-d227476d9e68",
          "evidence": "The overall thesis implies that failing to act on Spruce Point's analysis could lead to significant financial losses for investors holding onto CHD stock.",
          "position": 2,
          "objective": "The cost of not selling CHD",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "confidence": 0.6,
          "description": "Quantify what happens if the audience does nothing"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 92,
          "from": 82,
          "beatId": "2e0f1062-a9eb-4652-b31c-c17952a18aaf",
          "arcName": "Problem-Agitate-Solution",
          "arcSlug": "problem-agitate-solution",
          "beatName": "Solution",
          "beatSlug": "problem-agitate-solution-solution-provide-relief",
          "evidence": "The solution is implicitly presented through valuation tables and comparisons, suggesting a sell opinion to mitigate downside risk.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Resolution",
          "parentBeatSlug": "resolution"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b98-be9011f05a27",
      "docSlug": "1cbf7684bf7d",
      "documentTitle": "Penumbra, Inc. (PEN)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2019-07-31 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 61,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "The table explicitly calculates the percentage change from current sell-side estimates to the activist's bear/bull cases across key financial metrics.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "The slide presents a structured comparison of financial valuation metrics under different scenarios.",
      "slideHref": "/slides/019dd923-622c-750b-8b98-be9011f05a27/61",
      "deckHref": "/decks/019dd923-622c-750b-8b98-be9011f05a27",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-be9011f05a27#slide-61",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 61,
          "from": 31,
          "beatId": "12d3c67f-b91e-48ff-a8d3-c9685144b586",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "The document presents Spruce Point's conclusion of 40-55% downside risk in PEN shares.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b98-9727cc72301c",
      "docSlug": "778e2cbfbfaa",
      "documentTitle": "Amdocs Limited (DOX)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Ben Axler",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2019-01-23 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 111,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "The slide uses a table to contrast historical performance (FY19-20) with forward-looking qualitative assessments (FY21-23) and quantitative downside targets.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Table comparing historical metrics to projected downside scenarios",
      "slideHref": "/slides/019dd923-622c-750b-8b98-9727cc72301c/111",
      "deckHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9727cc72301c#slide-111",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 111,
          "from": 105,
          "beatId": "49f8f901-cea8-456a-8a1c-93ff122b01a4",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": null,
          "evidence": "The deck concludes with a clear and concise summary of the downside risk in DOX stock",
          "position": 4,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b98-7f30b1d3db0f",
      "docSlug": "04cdac207807",
      "documentTitle": "Henry Schein, Inc. (HSIC)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": null,
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2018-09-26 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 38,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "The bull case is highlighted with a green box, emphasizing the potential upside based on a higher multiple for Vets First Corp.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "SOTP sensitivity analysis table",
      "slideHref": "/slides/019dd923-622c-750b-8b98-7f30b1d3db0f/38",
      "deckHref": "/decks/019dd923-622c-750b-8b98-7f30b1d3db0f",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-7f30b1d3db0f#slide-38",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 40,
          "from": 16,
          "beatId": "c70b1907-ab35-4f34-8825-342f2f0928a1",
          "arcName": "Problem-Agitate-Solution",
          "arcSlug": "problem-agitate-solution",
          "beatName": "Solution (Provide relief)",
          "beatSlug": "problem-agitate-solution-solution-provide-relief",
          "evidence": "The document provides a solution through the spin-off and merger, highlighting the growth potential and upside opportunity for HSIC shareholders.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Resolution",
          "parentBeatSlug": "resolution"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b98-7af979993e60",
      "docSlug": "42a707289390",
      "documentTitle": "Maxar Technologies (MAXR)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Ben Axler",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2018-08-07 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 68,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "The table includes specific adjustments for debt, cash, and investments, and explicitly notes the exclusion of a potential $227m Ukraine arbitration payout.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Structured financial modeling of price targets based on multiple scenarios.",
      "slideHref": "/slides/019dd923-622c-750b-8b98-7af979993e60/68",
      "deckHref": "/decks/019dd923-622c-750b-8b98-7af979993e60",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-7af979993e60#slide-68",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 68,
          "from": 8,
          "beatId": "fbcb65b0-835b-4203-8f3f-dfc5ef336a81",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Contradictions and Criticisms",
          "beatSlug": null,
          "evidence": "The document presents various criticisms and contradictions of Maxar Technologies' financials, business model, and management practices.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b98-56362394aa64",
      "docSlug": "6dfd595fdfac",
      "documentTitle": "Ballard Power Systems (BLDP)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Ben Axler",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2018-01-25 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 60,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "The slide uses a valuation-based approach to argue for a significant downside in the stock price.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "The slide presents a structured valuation analysis comparing multiples to derive a price target.",
      "slideHref": "/slides/019dd923-622c-750b-8b98-56362394aa64/60",
      "deckHref": "/decks/019dd923-622c-750b-8b98-56362394aa64",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-56362394aa64#slide-60",
      "loopMatches": [
        {
          "to": 60,
          "from": 54,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "5f905372-0afd-4750-b8c4-2971b5dc9958",
          "evidence": "The document presents a valuation and downside scenario, highlighting the potential risks of holding Ballard stock.",
          "position": 1,
          "objective": "To highlight the potential costs of inaction for investors who fail to sell their Ballard stock.",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "confidence": 0.6,
          "description": "Quantify what happens if the audience does nothing"
        }
      ],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b98-639c191d3d92",
      "docSlug": "5f7b3bad7ba3",
      "documentTitle": "Realty Income Corp (O)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": null,
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2018-02-07 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 42,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "The slide uses a precedent-based valuation approach, comparing the target to REITs in financial decline.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "The slide presents a structured financial valuation model comparing current vs. projected scenarios.",
      "slideHref": "/slides/019dd923-622c-750b-8b98-639c191d3d92/42",
      "deckHref": "/decks/019dd923-622c-750b-8b98-639c191d3d92",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-639c191d3d92#slide-42",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 46,
          "from": 38,
          "beatId": "556213c0-5857-4fc2-893f-75f7446c48b8",
          "arcName": "Problem-Agitate-Solution",
          "arcSlug": "problem-agitate-solution",
          "beatName": "Solution",
          "beatSlug": "problem-agitate-solution-solution-provide-relief",
          "evidence": "Spruce Point Estimates 30% - 45% Downside, Appendix: REIT Case Studies of Declining Growth And Market Reaction",
          "position": 2,
          "confidence": 0.9,
          "parentBeatName": "Resolution",
          "parentBeatSlug": "resolution"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b98-aa28094dc4c9",
      "docSlug": "8dad2ca06fc6",
      "documentTitle": "Kornit Digital Ltd. (KRNT)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Ben Axler",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2019-05-07 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 60,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "The slide uses a valuation bridge approach to justify a significant downside based on normalized revenue and cash flow expectations.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "The slide presents a structured valuation analysis using multiple scenarios.",
      "slideHref": "/slides/019dd923-622c-750b-8b98-aa28094dc4c9/60",
      "deckHref": "/decks/019dd923-622c-750b-8b98-aa28094dc4c9",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-aa28094dc4c9#slide-60",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 60,
          "from": 41,
          "beatId": "04dace6a-2451-4da0-a6cd-b15e5a50904e",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Resolution",
          "beatSlug": "mountain-resolution",
          "evidence": "Slides 41-60 provide further evidence of Kornit's challenges, valuation concerns, and downside risks.",
          "position": 4,
          "confidence": 0.8,
          "parentBeatName": "Resolution",
          "parentBeatSlug": "resolution"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b98-5300aefcfd91",
      "docSlug": "ed69677379db",
      "documentTitle": "iRobot Corp (IRBT)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2014-05-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 64,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "Includes patent value adjustments and debt/cash adjustments to arrive at equity value.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Table presents multiple valuation scenarios based on different multiples and adjustments.",
      "slideHref": "/slides/019dd923-622c-750b-8b98-5300aefcfd91/64",
      "deckHref": "/decks/019dd923-622c-750b-8b98-5300aefcfd91",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-5300aefcfd91#slide-64",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 64,
          "from": 4,
          "beatId": "9276d3d0-eba4-4814-902b-c80843925dd7",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The document presents a series of contradictions and concerns about iRobot Corp's financials, market position, and growth prospects.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622b-71dc-a6dc-5545fa71721e",
      "docSlug": "852eb8103109",
      "documentTitle": "Time Warner Inc. (TWX)",
      "authorId": "14_Icahn",
      "authorName": "Lazard",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2006-02-01 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 314,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "The table provides a peer benchmark of analyst estimates to support a valuation thesis.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Table comparing analyst estimates for valuation",
      "slideHref": "/slides/019dd923-622b-71dc-a6dc-5545fa71721e/314",
      "deckHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e",
      "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e#slide-314",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622b-71dc-a6dc-5545fa71721e",
      "docSlug": "852eb8103109",
      "documentTitle": "Time Warner Inc. (TWX)",
      "authorId": "14_Icahn",
      "authorName": "Lazard",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2006-02-01 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 335,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "Includes adjustments for tax benefits and joint venture interests.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Comparable company analysis table with peer benchmarking",
      "slideHref": "/slides/019dd923-622b-71dc-a6dc-5545fa71721e/335",
      "deckHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e",
      "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e#slide-335",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b98-0600c263c598",
      "docSlug": "915e98b3b4e2",
      "documentTitle": "Credit Acceptance Corporation (CACC)",
      "authorId": "52_Citron_Research",
      "authorName": "Citron Research",
      "documentKindSlug": "research-note",
      "documentKindLabel": "Research note",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2026-03-01 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 4,
      "slideType": "valuation_table",
      "function": "quantify_opportunity",
      "notes": "The slide uses a 'valuation_table' to demonstrate the upside potential based on different P/E multiples.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Table comparing scenarios with multiples and fair value outcomes.",
      "slideHref": "/slides/019dd923-622c-750b-8b98-0600c263c598/4",
      "deckHref": "/decks/019dd923-622c-750b-8b98-0600c263c598",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-0600c263c598#slide-4",
      "loopMatches": [
        {
          "to": 12,
          "from": 2,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "75d52b86-e4b1-4b6e-b2c0-10b71ff478a0",
          "evidence": "The document repeatedly emphasizes the limited window to invest before institutional consensus catches up.",
          "position": 0,
          "objective": "What is the cost of not investing in CACC now?",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "confidence": 0.7,
          "description": "Quantify what happens if the audience does nothing"
        },
        {
          "to": 14,
          "from": 1,
          "name": "Hypothesis Test",
          "slug": "42-hypothesis-test",
          "bestFor": "Strategy validation, due diligence, research presentations",
          "matchId": "d8eea9a9-4800-4db5-9b62-ca38d6060cbb",
          "evidence": "The document presents data and logical reasoning to support its thesis.",
          "position": 1,
          "objective": "Is CACC's transformation into a technology platform a viable investment thesis?",
          "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
          "confidence": 0.6,
          "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 4,
          "from": 1,
          "beatId": "63b41fa2-d2b7-4875-a4f4-9259a7642b5e",
          "arcName": "Problem-Agitate-Solution",
          "arcSlug": "problem-agitate-solution",
          "beatName": "Problem",
          "beatSlug": "problem-agitate-solution-problem-identify-pain",
          "evidence": "The thesis headline and initial valuation table highlight CACC's undervaluation.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Complication",
          "parentBeatSlug": "complication"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622b-71dc-a6d9-8026e9a12aa5",
      "docSlug": "30650a8e606d",
      "documentTitle": "Marathon Petroleum Corporation (MPC)",
      "authorId": "02_Elliott_Management",
      "authorName": "Elliott Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2016-11-01 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 29,
      "slideType": "valuation_table",
      "function": "quantify_opportunity",
      "notes": "The table uses red shading to highlight scenarios that are at or below the lowest retail peer EBITDA multiple or at or above the widest peer yield.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Sensitivity analysis of share price based on multiple/yield variables",
      "slideHref": "/slides/019dd923-622b-71dc-a6d9-8026e9a12aa5/29",
      "deckHref": "/decks/019dd923-622b-71dc-a6d9-8026e9a12aa5",
      "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-8026e9a12aa5#slide-29",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 50,
          "from": 23,
          "beatId": "181fb6e2-2fcd-4f92-b9ab-ecb17c1992f6",
          "arcName": "Problem-Agitate-Solution",
          "arcSlug": "problem-agitate-solution",
          "beatName": "Solution",
          "beatSlug": "problem-agitate-solution-solution-provide-relief",
          "evidence": "The deck provides a solution by proposing a full strategic review and dropdowns",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Resolution",
          "parentBeatSlug": "resolution"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b95-b8dc4dc4ba49",
      "docSlug": "9da925e2a5ff",
      "documentTitle": "New Pacific Metals (NUAG)",
      "authorId": "50_Hindenburg_Research",
      "authorName": "Nathan Anderson",
      "documentKindSlug": "conference-presentation",
      "documentKindLabel": "Conference presentation",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2020-04-20 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 6,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "The slide uses a peer group of 19 mining companies to highlight a significant valuation discrepancy for the subject company.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Comparison of EV/Resource metrics across a peer group to establish overvaluation.",
      "slideHref": "/slides/019dd923-622c-750b-8b95-b8dc4dc4ba49/6",
      "deckHref": "/decks/019dd923-622c-750b-8b95-b8dc4dc4ba49",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-b8dc4dc4ba49#slide-6",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b95-478a8c1a9f82",
      "docSlug": "40344b686c65",
      "documentTitle": "Houghton Mifflin Harcourt (HMHC)",
      "authorId": "27_Engine_Capital",
      "authorName": "Engine Capital",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2022-03-22 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 13,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "The slide uses a sensitivity table to demonstrate the range of potential returns for an LBO scenario.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Sensitivity analysis of IRR vs Offer Price and Exit Multiple",
      "slideHref": "/slides/019dd923-622c-750b-8b95-478a8c1a9f82/13",
      "deckHref": "/decks/019dd923-622c-750b-8b95-478a8c1a9f82",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-478a8c1a9f82#slide-13",
      "loopMatches": [
        {
          "to": 13,
          "from": 10,
          "name": "The Reveal",
          "slug": "05-the-reveal",
          "bestFor": "Product launches, strategic pivots, unexpected findings",
          "matchId": "1e76fcce-ab8c-426b-a304-9f99a21b053f",
          "evidence": "Slides 10-13 present an alternative valuation",
          "position": 1,
          "objective": "Reveal a more accurate valuation",
          "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
          "confidence": 0.7,
          "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 21,
          "from": 13,
          "beatId": "cc454b24-ddc2-4a1d-aa62-cb4544722c11",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory (Superior Plan)",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "Slides 13-21 present the superior plan for HMHC shareholders",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622b-71dc-a6dd-5fbf9530fdff",
      "docSlug": "6f751c98c9d1",
      "documentTitle": "Kao Corporation (4452.JP)",
      "authorId": "25_Oasis_Management",
      "authorName": "Oasis",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2024-04-25 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 94,
      "slideType": "valuation_table",
      "function": "quantify_opportunity",
      "notes": "The table highlights high valuation multiples in the cosmetics sector, supporting the argument for Kao's potential value.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "The slide presents a structured comparison of M&A transaction multiples to justify valuation premiums.",
      "slideHref": "/slides/019dd923-622b-71dc-a6dd-5fbf9530fdff/94",
      "deckHref": "/decks/019dd923-622b-71dc-a6dd-5fbf9530fdff",
      "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-5fbf9530fdff#slide-94",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622b-71dc-a6dd-6dd6e7ce8a5d",
      "docSlug": "cf721953f722",
      "documentTitle": "Kao Corporation (4452.JP)",
      "authorId": "25_Oasis_Management",
      "authorName": "Oasis",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": null,
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 94,
      "slideType": "valuation_table",
      "function": "compare_peers",
      "notes": "The table lists target companies, acquirers, revenue multiples, EBITDA multiples, and transaction dates.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "The slide presents a comparative table of M&A transaction multiples to justify a valuation thesis.",
      "slideHref": "/slides/019dd923-622b-71dc-a6dd-6dd6e7ce8a5d/94",
      "deckHref": "/decks/019dd923-622b-71dc-a6dd-6dd6e7ce8a5d",
      "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-6dd6e7ce8a5d#slide-94",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 96,
          "from": 49,
          "beatId": "b2f59b4f-2bbe-4e4b-b640-3f702b1f3e19",
          "arcName": "Problem-Agitate-Solution",
          "arcSlug": "problem-agitate-solution",
          "beatName": "Solution (Provide relief)",
          "beatSlug": "problem-agitate-solution-solution-provide-relief",
          "evidence": "The deck proposes solutions, including a focus on growth, marketing reform, and a more diverse leadership team.",
          "position": 2,
          "confidence": 0.9,
          "parentBeatName": "Resolution",
          "parentBeatSlug": "resolution"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622b-71dc-a6db-d8bdfd864eab",
      "docSlug": "42942301f902",
      "documentTitle": "Spectra Energy Corp (SE)",
      "authorId": "08_Sandell",
      "authorName": "Sandell Asset Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2013-06-01 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 9,
      "slideType": "valuation_table",
      "function": "quantify_opportunity",
      "notes": "Includes a peer comparison table and a valuation buildup for Westcoast Energy.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Comparison of peer multiples to derive target valuation",
      "slideHref": "/slides/019dd923-622b-71dc-a6db-d8bdfd864eab/9",
      "deckHref": "/decks/019dd923-622b-71dc-a6db-d8bdfd864eab",
      "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-d8bdfd864eab#slide-9",
      "loopMatches": [
        {
          "to": 9,
          "from": 3,
          "name": "Logic Chain",
          "slug": "01-logic-chain",
          "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
          "matchId": "c928502f-8438-4318-baae-6498aa261045",
          "evidence": "The document presents a series of logical arguments",
          "position": 0,
          "objective": "To demonstrate the logic behind unlocking shareholder value",
          "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
          "confidence": 0.7,
          "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
        },
        {
          "to": 9,
          "from": 8,
          "name": "Analogy",
          "slug": "08-analogy",
          "bestFor": "Complex concepts, new markets, technical explanations for non-experts",
          "matchId": "4887b833-8afb-4534-888b-06eaffc1f254",
          "evidence": "Slide 8 cites precedent",
          "position": 1,
          "objective": "To draw an analogy with precedent",
          "structure": "The Familiar Domain -> Key Parallel -> Applied to Our Situation -> Insight",
          "confidence": 0.6,
          "description": "Explain the unfamiliar through a well-understood parallel domain"
        }
      ],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622b-71dc-a6db-d8bdfd864eab",
      "docSlug": "42942301f902",
      "documentTitle": "Spectra Energy Corp (SE)",
      "authorId": "08_Sandell",
      "authorName": "Sandell Asset Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2013-06-01 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 10,
      "slideType": "propose_solution",
      "function": "propose_solution",
      "notes": "Includes a valuation bridge for SE's 50% stake and a peer comparison table for NGL Midstream companies.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Tables present financial valuation metrics for the target and peers.",
      "slideHref": "/slides/019dd923-622b-71dc-a6db-d8bdfd864eab/10",
      "deckHref": "/decks/019dd923-622b-71dc-a6db-d8bdfd864eab",
      "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-d8bdfd864eab#slide-10",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 11,
          "from": 10,
          "beatId": "c11dda0c-e627-4184-bdef-b4f5096dcd82",
          "arcName": "Problem-Agitate-Solution",
          "arcSlug": "problem-agitate-solution",
          "beatName": "Solution",
          "beatSlug": "problem-agitate-solution-solution-provide-relief",
          "evidence": "Slides 10-11 propose a solution and preempt rebuttal",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Resolution",
          "parentBeatSlug": "resolution"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622b-71dc-a6db-d7ec795689aa",
      "docSlug": "fe2831a5a971",
      "documentTitle": "TPC Group Inc. (TPCG)",
      "authorId": "08_Sandell",
      "authorName": "Sandell Asset Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2012-10-01 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2941177,
      "pageNumber": 8,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "The slide uses a combination of bulleted arguments and three distinct financial tables to justify a high exit multiple for an LBO scenario.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "The slide presents a sensitivity analysis of IRR based on exit multiples and purchase prices.",
      "slideHref": "/slides/019dd923-622b-71dc-a6db-d7ec795689aa/8",
      "deckHref": "/decks/019dd923-622b-71dc-a6db-d7ec795689aa",
      "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-d7ec795689aa#slide-8",
      "loopMatches": [
        {
          "to": 9,
          "from": 3,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "c832cdea-6a3b-4f51-9091-b01475c58018",
          "evidence": "The presentation implies that investors should take action based on the analysis",
          "position": 1,
          "objective": "Highlight the consequences of not taking action",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "confidence": 0.6,
          "description": "Quantify what happens if the audience does nothing"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 9,
          "from": 8,
          "beatId": "2c33287f-604a-413f-a8b8-69d2d9d40c38",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "The presentation provides a valuation table and peer benchmark to support its conclusions",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622b-71dc-a6db-548937484e86",
      "docSlug": "67e30c6378be",
      "documentTitle": "General Electric (GE)",
      "authorId": "06_Trian_Partners",
      "authorName": "Trian Partners",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2015-10-05 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 76,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "Includes a specific callout box for 'Time (years) 2.25' which acts as a variable for the IRR calculation.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "The slide presents a structured financial model calculating implied share value.",
      "slideHref": "/slides/019dd923-622b-71dc-a6db-548937484e86/76",
      "deckHref": "/decks/019dd923-622b-71dc-a6db-548937484e86",
      "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-548937484e86#slide-76",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622b-71dc-a6db-81a8a09bae5a",
      "docSlug": "1bbbc8a9f010",
      "documentTitle": "Solventum Corporation (SOLV)",
      "authorId": "06_Trian_Partners",
      "authorName": "Trian Fund Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-01-08 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 23,
      "slideType": "valuation_table",
      "function": "show_valuation_bridge",
      "notes": "Includes a 'Restoring Performance' WholeCo Valuation Analysis table with supporting commentary.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Presents a structured valuation bridge from sales/EBIT to implied share price.",
      "slideHref": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/23",
      "deckHref": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
      "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-23",
      "loopMatches": [
        {
          "to": 23,
          "from": 2,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
          "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
          "position": 0,
          "objective": "The cost of inaction is a decline in shareholder value.",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "confidence": 0.8,
          "description": "Quantify what happens if the audience does nothing"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 23,
          "from": 15,
          "beatId": "a130df98-64af-4255-946e-f1fc0c14712e",
          "arcName": "Problem-Agitate-Solution",
          "arcSlug": "problem-agitate-solution",
          "beatName": "Solution (Provide relief)",
          "beatSlug": "problem-agitate-solution-solution-provide-relief",
          "evidence": "Slides 15-23 offer a solution through margin expansion, overhead cost savings, and growth, and conclude with a valuation reveal.",
          "position": 2,
          "confidence": 0.9,
          "parentBeatName": "Resolution",
          "parentBeatSlug": "resolution"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    }
  ]
}