{
  "docId": "019dd923-622b-71dc-a6d9-f8722a61aad1",
  "docSlug": "ff0e33f691c6",
  "documentTitle": "AECOM (ACM)",
  "authorId": "03_Starboard_Value",
  "authorName": "Peter A. Feld",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-06-20 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 8,
  "pageCount": 9,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "propose_solution",
  "function": "propose_solution",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "This is a text-heavy page from an activist investor letter (Starboard Value) outlining specific strategic recommendations for AECOM.",
  "elementsJson": null,
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-f8722a61aad1/8",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-f8722a61aad1",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-f8722a61aad1.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-f8722a61aad1#slide-8",
  "components": [
    {
      "bbox": {
        "h": 0.3,
        "w": 0.8,
        "x": 0.1,
        "y": 0.61
      },
      "kind": "paragraph",
      "text": "We believe AECOM is deeply undervalued as the Company’s current path does not adequately address the gamut of strategic and operational opportunities available to the Company.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11be0847-d1a0-4f21-bed6-2279087e02c2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.8,
        "x": 0.1,
        "y": 0.23
      },
      "kind": "paragraph",
      "text": "Operating initiatives are not the only path to unlocking value at AECOM. We believe a comprehensive strategic review of the portfolio would also create value for shareholders.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3c4d4ee9-eb52-44fe-84ce-412f44a5ff11",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.8,
        "x": 0.1,
        "y": 0.08
      },
      "kind": "paragraph",
      "text": "We believe the operational opportunity at AECOM is similar in both scope and scale to the turnaround at Jacobs. The Jacobs reorganization can serve as an important template for the Company.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "664ce95c-a19b-4a9e-8929-c95a6958daae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.1,
        "y": 0.57
      },
      "kind": "title",
      "text": "AECOM is Deeply Undervalued",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1630be03-6ac4-4b65-9961-2ff78113494e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.1,
        "y": 0.19
      },
      "kind": "title",
      "text": "Thoroughly Evaluate Strategic Alternatives",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2a7a1553-4c5e-4729-8c0b-008cdb0ffcd9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "breakup-spinoff",
      "slug": null,
      "matchId": "331d1406-4cdf-4b71-8dfc-3ceae5cc152d",
      "evidence": "Advocating for the sale of the CS segment and evaluating strategic alternatives.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}