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  "documentTitle": "Bloomin' Brands (BLMN)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-10-01 00:00:00",
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  "pageNumber": 12,
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  "density": "dense",
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  "notes": "The slide uses arrows to highlight the growth in DRI's multiple and the decline in BLMN's multiple.",
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      "kind": "callout",
      "text": "Prior to Starboard's involvement in Darden, Bloomin' traded above Darden",
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      "text": "Prior to Starboard’s involvement in Darden, Bloomin’ traded above Darden",
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      "text": "Comparison of DRI and BLMN multiples in 2013 vs Current",
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      "text": "EV/NTM EBITDA multiple: 5.0x",
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      "kind": "source-note",
      "text": "Source: Bloomberg; Capital IQ. Estimates represent consensus figures.",
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      "kind": "title",
      "text": "However, the Roles Used to Be Reversed...",
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      "kind": "title",
      "text": "Bloomin' vs. Darden CY13 Average EV/NTM EBITDA Multiple",
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      "evidence": "Slides 12-14 provide evidence of the valuation premium Bloomin' had over Darden before Starboard's involvement and the opportunity for value creation.",
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      "evidence": "Slides 8-14 provide a detailed analysis of the operational execution gaps and valuation comparison.",
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      "objective": "What is driving the valuation discount of Bloomin' Brands?",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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