{
  "docId": "019dd923-622b-71dc-a6da-48381ed99850",
  "docSlug": "da3c4d23871a",
  "documentTitle": "Multiple (GoDaddy, News Corp, Fortrea) (GDDY, NWSA, FTRE)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-10-13 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 69,
  "pageCount": 70,
  "prevPage": 68,
  "nextPage": 70,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a valuation bridge approach to demonstrate potential share price appreciation through margin expansion.",
  "elementsJson": [
    "headline_text",
    "comparison_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-48381ed99850/69",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-48381ed99850",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-48381ed99850.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-48381ed99850#slide-69",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.88
      },
      "kind": "callout",
      "text": "We believe that there is significant share price upside potential at Fortrea.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d4d8d686-fb4f-4206-98d4-dd0d37f56694",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adj. EBITDA Margin: ~144%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e4c-ff174f566497",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Starboard estimates. Starboard has identified the peers as the relevant peer set for comparing FTRE's metrics. Starboard believes these provide appropriate peer comparisons. 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. (1) Based upon FTRE closing price of $29.46 on October 13, 2023.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1b429d3e-f045-4972-9901-3a7af3408c00",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.7,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "table",
      "text": "Comparison of FY24 Exit Margins vs Peer Margins across Revenue, EBITDA, and Implied Share Price.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d121446d-b6e5-4988-841b-fcae431e8eae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.8,
        "x": 0.03,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Believe Fortrea Can Create Significant Shareholder Value by Improving Its Profitability",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "48406354-09a5-4196-970e-358a542d1013",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation-bridge",
      "slug": null,
      "matchId": "ec837931-4079-4c34-a072-09f2c916f631",
      "evidence": "The slide calculates implied share price based on margin expansion scenarios.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 70,
      "from": 31,
      "beatId": "f3aae366-04c2-422c-93a1-96bf6d955fad",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The presentation concludes with potential impact and next steps for the companies.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}