{
  "docId": "019dd923-622b-71dc-a6da-4f76d1ed07b0",
  "docSlug": "2d207abf9499",
  "documentTitle": "GoDaddy, News Corp, Fortrea",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-10-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 44,
  "pageCount": 70,
  "prevPage": 43,
  "nextPage": 45,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "overcrowded",
  "nDataPoints": 7,
  "notes": "The slide uses a bar chart comparison to argue for a valuation premium for Dow Jones relative to NYT.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bar_chart_horizontal",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-4f76d1ed07b0/44",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-4f76d1ed07b0",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-4f76d1ed07b0.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-4f76d1ed07b0#slide-44",
  "components": [
    {
      "bbox": {
        "h": 0.45,
        "w": 0.12,
        "x": 0.86,
        "y": 0.32
      },
      "kind": "callout",
      "text": "For reference, the NYT trades at >15x NTM EBITDA",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "029eb309-fd9a-414a-a7d5-0a116043d3e7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe Dow Jones is a high-quality business and should garner a premium valuation.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-beb8-5854df929924",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.85,
        "x": 0.04,
        "y": 0.35
      },
      "kind": "chart",
      "text": "Comparison of Digital Revenue, Subscription/Circulation, and EBITDA Margin",
      "attrs": null,
      "subkind": "bar-horizontal",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7460a640-21dc-44b3-8bba-88ce31f00b3b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA margin: 21%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d0-745c-beb8-5f26dedcef8c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.85,
        "x": 0.04,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "When compared with The New York Times Company (NYT), Dow Jones is more profitable, has more digital exposure, and has a greater subscription mix.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "757678f8-201e-414a-b8a4-dd1bab87085a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.85,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Public company filings, Capital IQ, Wall Street consensus estimates. Market data as of October 13, 2023.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ef2b9c2e-1704-4f40-b17c-2cbda710ecdf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.92,
        "x": 0.04,
        "y": 0.9
      },
      "kind": "title",
      "text": "We believe Dow Jones is a high-quality business and should garner a premium valuation.",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1fcc27d8-0cb6-4ddd-92ca-73dd76129c41",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.65,
        "x": 0.04,
        "y": 0.07
      },
      "kind": "title",
      "text": "Dow Jones Compares Favorably to The New York Times Company",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7bd8eb3c-04cb-4de2-9bc9-d3d919bcc15a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "4e30d62d-4948-4d87-954a-6bfb61718237",
      "evidence": "Side-by-side comparison of two companies across metrics",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}