{
  "docId": "019dd923-622b-71dc-a6da-fb39d1a50dfd",
  "docSlug": "41a3bf6001ae",
  "documentTitle": "CONSOL Energy (CNX)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-11-16 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 30,
  "pageCount": 107,
  "prevPage": 29,
  "nextPage": 31,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "overcrowded",
  "nDataPoints": 1,
  "notes": "The chart visualizes the sum of parts valuation.",
  "elementsJson": [
    "headline_text",
    "bar_chart_stacked",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-fb39d1a50dfd/30",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-fb39d1a50dfd",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-fb39d1a50dfd.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-fb39d1a50dfd#slide-30",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.25,
        "x": 0.53,
        "y": 0.295
      },
      "kind": "callout",
      "text": "Enterprise Value $5.5 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "33ec7b2a-2c40-4337-8eae-2db236f89367",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe the value of the thermal coal, met coal, legacy oil and gas, and assets to be sold equal today's enterprise value.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb95-7708-ad5b-a12fe89594ca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.355,
        "w": 0.265,
        "x": 0.215,
        "y": 0.18
      },
      "kind": "chart",
      "text": "Stacked bar chart showing Thermal Coal, Met Coal, Legacy, Midstream, and Non Core segments.",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6f286fa0-68b0-4ed4-a7d2-a71f82087a1f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Enterprise Value: $5.5 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb95-7708-ad5b-a4702caf0557",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.085,
        "w": 0.764,
        "x": 0.118,
        "y": 0.495
      },
      "kind": "paragraph",
      "text": "Management plans to divest some non-core assets over the next year. We estimate proceeds to be around $500 million in addition to any assets we are counting elsewhere. We believe the value of the thermal coal, met coal, legacy oil and gas, and assets to be sold equal today's enterprise value.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df87578a-54a9-4b5b-bca3-f019080a0b27",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.495,
        "x": 0.118,
        "y": 0.605
      },
      "kind": "source-note",
      "text": "Source: Greenlight calculation based upon prior slides.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8ee69e4c-f307-43ee-854a-b2ba405c1a92",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.055,
        "w": 0.364,
        "x": 0.318,
        "y": 0.088
      },
      "kind": "title",
      "text": "Adding it all up",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2967985-cdc9-453e-9617-21b259ca2bf0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation-bridge",
      "slug": null,
      "matchId": "759058c2-fc45-4690-af50-42df41c7ef95",
      "evidence": "The slide breaks down the total enterprise value into constituent asset segments.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}