{
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  "docSlug": "679fae06ffaf",
  "documentTitle": "Bloomin' Brands (BLMN)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-10-01 00:00:00",
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  "pageNumber": 11,
  "pageCount": 23,
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  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "The chart highlights BLMN's significantly higher FCF yield compared to its peers, suggesting undervaluation.",
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  "components": [
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      "kind": "chart",
      "text": "CY24E Levered Free Cash Flow Yield vs. Conglomerate (DRI) and Casual Dining Steak Peers (DRI/TXRH)",
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      "kind": "metric",
      "text": "Free Cash Flow Yield: 16.2%",
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      "kind": "source-note",
      "text": "Source: Capital IQ. Estimates represent consensus figures. Starboard has identified the aforementioned peers as the most relevant peer set for comparing BLMN's free cash flow yield. Starboard believes these provide the most appropriate peer comparisons and align with the Company's self-selected peer set. This presentation is a determination that is subject to a certain degree of subjectivity. As the full universe of potential peers is not listed here, the comparisons made herein may differ materially if other firms had been included.",
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      "kind": "title",
      "text": "Bloomin' Trades at a Significant Discount to Its Top Peers on a Free Cash Flow Basis, Creating a Highly Attractive Free Cash Flow Yield",
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      "evidence": "Direct comparison of financial metrics between a target company and its peers.",
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      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "Slides 9-11 outline Starboard's plan to leverage its experience in improving operational execution at Outback.",
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      "confidence": 0.8,
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      "evidence": "Slides 8-14 provide a detailed analysis of the operational execution gaps and valuation comparison.",
      "position": 0,
      "objective": "What is driving the valuation discount of Bloomin' Brands?",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
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