{
  "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": 46,
  "pageCount": 48,
  "prevPage": 45,
  "nextPage": 47,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "The slide uses a literal cake to represent business segments, a creative visual choice noted in the text.",
  "elementsJson": [
    "headline_text",
    "photo",
    "pie_chart",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-f68e9cf62b7a/46",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-f68e9cf62b7a",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-f68e9cf62b7a.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-f68e9cf62b7a#slide-46",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "All of these businesses deserve multiples of 14-22 times, and people buying Bayer today get the package for about 10x, if the merger closes.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a613-3dff70abd4d3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.31,
        "w": 0.44,
        "x": 0.28,
        "y": 0.14
      },
      "kind": "chart",
      "text": "Pharma 36%, Consumer health 13%, Animal health 3%, Crop science 48%",
      "attrs": null,
      "subkind": "pie",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a798377-dfec-4853-9e5c-4523208f1617",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "segment revenue contribution: 48%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a613-426bf8dc0334",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.76,
        "x": 0.12,
        "y": 0.62
      },
      "kind": "paragraph",
      "text": "All of these businesses deserve multiples of 14-22 times, and people buying Bayer today get the package for about 10x, if the merger closes.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7c8a2188-00d0-40c1-9e8f-2ca17410a8dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.76,
        "x": 0.12,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "While some now-former Bayer shareholders were upset with paying 28x for Monsanto and its monopolistic seed business, if you buy Bayer’s stock today, you aren’t paying 28x.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a0c1fc94-5c87-4673-997f-c45062023b87",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.76,
        "x": 0.12,
        "y": 0.54
      },
      "kind": "paragraph",
      "text": "On a combined basis the business will be 48% agriculture, 36% pharma, 13% consumer brands, and 3% animal health. We actually bought a bunch of cakes to make this slide. The Greenlight kitchen was very crowded that day.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e07a8c56-d60a-4df3-86fe-143c9f9345dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.38,
        "x": 0.31,
        "y": 0.08
      },
      "kind": "title",
      "text": "The new Bayer",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "363bdec7-8151-4777-bb05-279d392d9805",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Sum of parts",
      "slug": "sum-of-parts",
      "agent": null,
      "layer": "slide",
      "matchId": "5d000256-7f75-49e8-8a4c-da54ac70bde4",
      "evidence": "On a combined basis the business will be 48% agriculture, 36% pharma, 13% consumer brands, and 3% animal health.",
      "confidence": 0.8
    }
  ],
  "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
}