{
  "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": 20,
  "pageCount": 47,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "geographic_map",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 24,
  "notes": "The slide uses a map-based visualization to explain why soda ash is a regional rather than global commodity.",
  "elementsJson": [
    "headline_text",
    "map",
    "pie_chart",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-0d51af2fde1a/20",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-0d51af2fde1a",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-0d51af2fde1a.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-0d51af2fde1a#slide-20",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "As a result, the markets are regional instead of global.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b7-702e-9627-09625d55980b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.7,
        "x": 0.15,
        "y": 0.18
      },
      "kind": "image",
      "text": "Global map showing trade flows and regional supply/demand balances",
      "attrs": null,
      "subkind": "map",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f8929b79-54cb-4e4b-b07a-1cecb33b874d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.7,
        "x": 0.15,
        "y": 0.18
      },
      "kind": "image",
      "text": "Global map showing trade flows and regional supply/demand balances",
      "attrs": null,
      "subkind": "map",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fddd429e-e74b-43fe-b72c-9290754567b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.76,
        "x": 0.12,
        "y": 0.66
      },
      "kind": "paragraph",
      "text": "As a result, the markets are regional instead of global.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0e08864d-b5e1-4ce7-9688-060193418007",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.76,
        "x": 0.12,
        "y": 0.55
      },
      "kind": "paragraph",
      "text": "Because soda ash doesn't cost much, but weighs a lot, transportation adds significant cost. Transportation can add between 30% and 100% to the cost depending on distance and number of interchanges.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a29fb1da-2858-4c02-b2a8-10c0924b32ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.76,
        "x": 0.12,
        "y": 0.7
      },
      "kind": "paragraph",
      "text": "Solvay competes in North America and Europe and is mostly independent of China, which currently produces about 45% of global soda ash for domestic consumption and to export to Southeast Asia. Shipping it further is not competitive.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b787c233-12e4-4c3f-a40b-ec2c96d80c68",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.76,
        "x": 0.12,
        "y": 0.7
      },
      "kind": "paragraph",
      "text": "Solvay competes in North America and Europe and is mostly independent of China, which currently produces about 45% of global soda ash for domestic consumption and to export to Southeast Asia. Shipping it further is not competitive.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc3b66f3-3f17-4e90-a29d-498d4f3787fc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.76,
        "x": 0.12,
        "y": 0.55
      },
      "kind": "paragraph",
      "text": "Because soda ash doesn't cost much, but weighs a lot, transportation adds significant cost. Transportation can add between 30% and 100% to the cost depending on distance and number of interchanges. As a result, the markets are regional instead of global.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "deeaed3c-733e-4f54-a5ce-6a7f13cb5e1a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.12,
        "y": 0.82
      },
      "kind": "source-note",
      "text": "Source: WE Soda Presentation, December 2023; Greenlight estimates and calculations.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2c403be8-d335-446b-95ae-beef765d9ff8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.76,
        "x": 0.12,
        "y": 0.8
      },
      "kind": "source-note",
      "text": "Source: WE Soda Presentation, December 2023; Greenlight estimates and calculations.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e40ac6e8-f0b6-4c65-b017-9f5445d69237",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.25,
        "y": 0.13
      },
      "kind": "title",
      "text": "Soda Ash Logistics",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "636eb835-982e-46a7-8c64-28e046543e7c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.25,
        "y": 0.13
      },
      "kind": "title",
      "text": "Soda Ash Logistics",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c875fb9-a941-4f9c-a0d9-83746dee25d8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "map-spatial",
      "slug": null,
      "matchId": "cbd8ce8c-68d1-4e79-b745-3b57f8895419",
      "evidence": "Geographic map used to visualize trade flows and regional market dynamics.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 24,
      "from": 15,
      "beatId": "37a74e53-3c38-40ac-820b-96d46f6bc690",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Solution",
      "beatSlug": "sequoia-pitch-solution",
      "evidence": "The presentation presents Solvay's solution and strategy in the soda ash and peroxides markets.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}