{
  "docId": "019dd923-622b-71dc-a6db-0d51af2fde1a",
  "docSlug": "fa820bf52be5",
  "documentTitle": "Solvay SA (SOLB BB)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-04-03 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 13,
  "pageCount": 47,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "kpi_overview",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 5,
  "notes": "The chart highlights that Soda Ash and Derivatives is the largest segment at 43%.",
  "elementsJson": [
    "donut_chart",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-0d51af2fde1a/13",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-0d51af2fde1a",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-0d51af2fde1a.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-0d51af2fde1a#slide-13",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "While these are all thought of as commodity businesses, they are higher margin and much more stable than most commodity chemical companies.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b7-702e-9626-bbea0570e855",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.32,
        "x": 0.34,
        "y": 0.19
      },
      "kind": "chart",
      "text": "Donut chart showing 43% Soda Ash, 19% Special Chem, 13% Coatis, 12% Silica, 13% Peroxides",
      "attrs": null,
      "subkind": "donut",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "164038d0-8ecc-46fd-9a36-4edcf4af3760",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.32,
        "x": 0.34,
        "y": 0.19
      },
      "kind": "chart",
      "text": "Donut chart showing 43% Soda Ash, 19% Special Chem, 13% Coatis, 12% Silica, 13% Peroxides",
      "attrs": null,
      "subkind": "donut",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0947a0e-07ec-48ba-8115-4398e7819b69",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Net Sales: 43%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b7-702e-9626-bcd22479fa17",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.76,
        "x": 0.12,
        "y": 0.51
      },
      "kind": "paragraph",
      "text": "Solvay is best known for Soda Ash, which makes up around 40% of sales. It also has four other business segments, all of which have #1 positions in their markets. While these are all thought of as commodity businesses, they are higher margin and much more stable than most commodity chemical companies.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b8551ac5-a62a-4ff9-8991-faac0d874fc3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.76,
        "x": 0.12,
        "y": 0.51
      },
      "kind": "paragraph",
      "text": "Solvay is best known for Soda Ash, which makes up around 40% of sales. It also has four other business segments, all of which have #1 positions in their markets. While these are all thought of as commodity businesses, they are higher margin and much more stable than most commodity chemical companies.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c3236a6b-287e-416d-9eb1-8131e5eefc4f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.76,
        "x": 0.12,
        "y": 0.66
      },
      "kind": "source-note",
      "text": "Source: Solvay Full-Year 2023 Results Earnings Presentation, March 13, 2024; Greenlight calculations.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "93717fa9-ee7c-4cd3-b0e0-96abd100a2b2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.76,
        "x": 0.12,
        "y": 0.66
      },
      "kind": "source-note",
      "text": "Source: Solvay Full-Year 2023 Results Earnings Presentation, March 13, 2024; Greenlight calculations.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "faec1caf-fde6-41a6-9b1d-d67a62a9c400",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.34,
        "x": 0.33,
        "y": 0.13
      },
      "kind": "title",
      "text": "Solvay Segments",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1f4d6ded-4fd5-4df7-8839-0bd1114aea59",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.34,
        "x": 0.33,
        "y": 0.13
      },
      "kind": "title",
      "text": "Solvay Segments",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dfd9dcf6-bad2-4629-b3db-fa49ede7f1c7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "aa21f3e0-8422-44e9-8c89-20194c8886c8",
      "evidence": "donut chart showing segments",
      "confidence": 0.5
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 14,
      "from": 9,
      "beatId": "494a8295-5413-4774-9cb4-0b2623586a4c",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Problem",
      "beatSlug": "sequoia-pitch-problem",
      "evidence": "The presentation identifies the problem and opportunity in the soda ash and peroxides markets.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}