{
  "docId": "019dd923-622b-71dc-a6da-f68e9cf62b7a",
  "docSlug": "d8035db2dcbb",
  "documentTitle": "Bayer AG (BAYN)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-11-28 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 24,
  "pageCount": 48,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "thesis_headline",
  "function": "present_solution",
  "density": "overcrowded",
  "nDataPoints": 1,
  "notes": "Includes a satirical cartoon about pharmaceutical research costs and timelines.",
  "elementsJson": [
    "headline_text",
    "photo",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-f68e9cf62b7a/24",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-f68e9cf62b7a",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-f68e9cf62b7a.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-f68e9cf62b7a#slide-24",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "All told, we think Bayer deserves a premium multiple to the group.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a611-2ffd1d7914d5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.32,
        "x": 0.34,
        "y": 0.14
      },
      "kind": "image",
      "text": "Cartoon showing a researcher presenting a chart of rising costs to a board, with the caption: 'Human clinical trials start in six months. Sooner if we run out of mice.'",
      "attrs": null,
      "subkind": "illustration",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d8f62f2-f634-493e-971e-ef52bd9a6ddc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "earnings multiple: 14x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a611-356acbe2d0d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.76,
        "x": 0.12,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "The pharma business is growing well and is under appreciated. Pharma peers with pipeline worries trade in the low teens. Peers with good profiles, like Roche, Sanofi and GSK trade around 14x earnings. Bayer has a portfolio of established drugs in the middle of their growth curve, a pipeline of new drugs coming out in the next 3-4 years, no imminent patent expirations, and strategies to extend those at risk. All told, we think Bayer deserves a premium multiple to the group.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "830cec0d-aa1d-469a-be45-52abf18cafca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Human clinical trials start in six months. Sooner if we run out of mice. — Mike Baldwin / Cornered",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a611-32fe8fcc3731",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.38,
        "x": 0.31,
        "y": 0.08
      },
      "kind": "title",
      "text": "Pharmarvelous",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "51fd9f0f-970b-450b-8750-64ee9a4841e1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Storytelling: audience calibration",
      "slug": "audience",
      "agent": "storyteller",
      "layer": "slide",
      "matchId": "1e5afb71-6d71-4fad-9d39-ac9cbb8a4590",
      "evidence": "The use of a cartoon and a quote suggests an attempt to engage the audience.",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 48,
      "from": 21,
      "beatId": "d370c636-aafb-4d2c-bba9-51005abe4c97",
      "arcName": "AIDA",
      "arcSlug": "aida",
      "beatName": "Action",
      "beatSlug": "aida-action",
      "evidence": "Conclusion and recommendations",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}