{
  "docId": "019dd923-622b-71dc-a6da-0960d3a52cec",
  "docSlug": "798b531685a0",
  "documentTitle": "GCP Applied Technologies (GCP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2020-04-30 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 14,
  "pageCount": 131,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "propose_solution",
  "function": "propose_solution",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "The slide uses a waterfall-style bridge to illustrate margin expansion and a growth target decomposition.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "waterfall_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-0960d3a52cec/14",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-0960d3a52cec",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-0960d3a52cec.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-0960d3a52cec#slide-14",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 1,
        "x": 0,
        "y": 0.91
      },
      "kind": "callout",
      "text": "We believe significant value can be unlocked from operational improvements.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c011e3ea-9958-4a0d-aa89-6c6aff2a15a2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe that GCP can improve its EBIT margin by ~600 bps on a run rate basis, more than recouping all of the deterioration that has occurred through poor performance over the last few years.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1f-75c8-857c-1d78f4db2695",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.03,
        "y": 0.335
      },
      "kind": "chart",
      "text": "Revenue Growth Target bridge",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6d9eeeb-9395-49fb-b223-1ed332e0d13f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.52,
        "y": 0.335
      },
      "kind": "chart",
      "text": "Bridge to Post-Transformation EBIT Margin",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df4de0ca-703a-4bf0-a02a-bc8ebb4ec747",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.23
      },
      "kind": "list",
      "text": "We believe there are not only significant cost improvement opportunities within gross margin and operating expenses, but also opportunities to re-accelerate revenue growth in-line or better than long-term industry growth rates.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a9c46bcf-e9a9-4bbe-9fb1-9184e1e54091",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBIT margin: 600 bps",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1f-75c8-857c-219dfd231390",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "We believe that GCP can improve its EBIT margin by ~600 bps on a run rate basis, more than recouping all of the deterioration that has occurred through poor performance over the last few years.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4c9a236f-785f-4c21-80f6-2ce8f2c7dd83",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.98,
        "x": 0.01,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: GCP’s public filings, Direct Peers’ public filings, Starboard estimates based in part on both GCP’s and Direct Peers’ prior performance, and analysis from leading consulting firm engaged in the STARBOARDVALUE evaluation of GCP’s operations and performance. Direct Peers are as defined on pg. 8.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a00b0e16-de5a-421c-b99e-8981948644c9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.04,
        "y": 0.07
      },
      "kind": "title",
      "text": "Bridge to Driving Improved Results",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "700f54c3-8455-4255-9c75-8e2efb05198b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "45b8c177-f003-4889-9212-133df3847b62",
      "evidence": "The slide shows a waterfall chart, illustrating the bridge to post-transformation EBIT margin.",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "waterfall-bridge",
      "slug": null,
      "matchId": "49e8043c-0999-4a72-88ce-40bd9bd2b889",
      "evidence": "The slide uses two bridge charts to show the components of revenue growth and EBIT margin expansion.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 13,
      "beatId": "dd06dfa3-f031-4027-86ef-34a975741d10",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitation",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The deck exposes contradictions and poor decisions made by GCP's board and management.",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 12,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "b704d399-e9b9-41be-a33e-b9cae181c905",
      "evidence": "The deck emphasizes the consequences of not taking action to address GCP's underperformance.",
      "position": 0,
      "objective": "Highlight the cost of inaction",
      "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"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}