{
  "docId": "019dd923-622b-71dc-a6da-992480932888",
  "docSlug": "9d06bebd9e8f",
  "documentTitle": "Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-10-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 60,
  "pageCount": 114,
  "prevPage": 59,
  "nextPage": 61,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "overcrowded",
  "nDataPoints": 11,
  "notes": "Uses a pro forma valuation bridge to demonstrate the impact of a divestiture on the remaining company's trading multiple.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-992480932888/60",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-992480932888",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-992480932888.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-992480932888#slide-60",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.95,
        "x": 0.03,
        "y": 0.25
      },
      "kind": "callout",
      "text": "If we illustratively assume TheFork is sold at 5x CY26E revenue, similar to peer transactions, it would imply Tripadvisor trades at just ~4.5x EBITDA on a pro forma basis, an even larger discount to peers",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "99089a8e-79ae-4123-ba63-20500b71bf40",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.9,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Enterprise Value / CY2026E EBITDA",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dbc0335b-5374-4bd3-966b-ba96c6ad427f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Enterprise Value / CY2026E EBITDA: ~4.5x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-203e-77ad-a6b9-b39a10bbd36c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.8,
        "x": 0.03,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "We believe TheFork, the most easily separable and least-integrated of the three businesses, could be sold at an attractive multiple.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3b9faf78-45e2-4d2c-b55e-f822f987c5c1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.95,
        "x": 0.03,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Capital IQ. Market Data as of October 17, 2025. Note: The peer companies identified here reflect Starboard's assessment of what firms can be reasonably considered Tripadvisor's peers in the online travel and online marketplace industries. However, this analysis contains elements of subjectivity and the comparisons made herein may differ materially if other firms had been included. 1) Assumes TheFork is sold at 5x CY26E Revenue, net of 30% taxes paid on the gain over the initial purchase price of $140M.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7e3ecd5a-925d-4bcf-8cdc-4922b0a537d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.03,
        "y": 0.06
      },
      "kind": "title",
      "text": "We Believe Tripadvisor Should Explore a Sale of TheFork",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "943c5051-58b3-43da-9a5c-d606eb8338cf",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "breakup-spinoff",
      "slug": null,
      "matchId": "0a6a7686-34c7-4387-8737-a7bcbd071aec",
      "evidence": "Argues for the divestiture of a business unit (TheFork) to unlock value.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 80,
      "from": 51,
      "beatId": "036b94ec-eb60-4b7f-98a2-c67b10ddd00c",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "Data and analysis supporting investment ideas",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 61,
      "from": 60,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "dac7f3aa-4b21-40ea-8826-7fa911a0519e",
      "evidence": "Valuation reveal for Tripadvisor's businesses",
      "position": 1,
      "objective": "Revealing the potential value of Tripadvisor's businesses",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.7,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}