{
  "docId": "019dd923-622b-71dc-a6db-087ba15f500b",
  "docSlug": "871aaa006ef0",
  "documentTitle": "Vitesco Technologies (VTSC)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-05-09 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 42,
  "pageCount": 47,
  "prevPage": 41,
  "nextPage": 43,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "The slide uses a 'free option' narrative to frame the valuation gap.",
  "elementsJson": [
    "headline_text",
    "valuation_table",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-087ba15f500b/42",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-087ba15f500b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-087ba15f500b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-087ba15f500b#slide-42",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Buy the stock and get the Peanut Butter for free. Actually, you get a discount on the Chocolate, as well.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14dd-72ca-b97f-e3896103f526",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Enterprise Value: € 2,602",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14dd-72ca-b97f-e5ee87f76e1c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.76,
        "x": 0.12,
        "y": 0.49
      },
      "kind": "paragraph",
      "text": "Remember I thought that, based on comparables, Chocolate was worth 2.9 to 4.3 billion euros and I could only dream of what the Peanut Butter was worth? Well, it turns out that Reese's as a whole is only worth about €2.6 billion. Buy the stock and get the Peanut Butter for free. Actually, you get a discount on the Chocolate, as well.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "258dbf3c-c100-4b00-980d-4aa38b2f86c0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.12,
        "y": 0.65
      },
      "kind": "source-note",
      "text": "Source: Reese's 2022 annual report; Bloomberg LP, retrieved May 4, 2023.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c9515d58-6526-423f-90f4-d91987808a0a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.191,
        "w": 0.386,
        "x": 0.294,
        "y": 0.222
      },
      "kind": "table",
      "text": "May 4 Share Price € 60.25; Fully Diluted Shares (M) 40; Market Capitalization (€ M) € 2,411; Net Debt/(Cash) (€ M) (333); Pension Deficit (€ M) 524; Enterprise Value (€ M) € 2,602",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50220171-6430-40fc-996e-44db95ef9037",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.58,
        "x": 0.21,
        "y": 0.13
      },
      "kind": "title",
      "text": "Reese's... Free Peanut Butter",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0bb69f1f-6910-4d84-9c92-2fd596f5fe3a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}