{
  "docId": "019dd923-622b-71dc-a6db-3d40ebfdedac",
  "docSlug": "9266edfa9f01",
  "documentTitle": "Lazard Ltd (LAZ)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-06-18 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 32,
  "pageCount": 39,
  "prevPage": 31,
  "nextPage": 33,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 9,
  "notes": "The chart uses a green dashed line to indicate the peer average of 5.8%.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "callout_box",
    "footnote",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-3d40ebfdedac/32",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-3d40ebfdedac",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-3d40ebfdedac.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-3d40ebfdedac#slide-32",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.35,
        "x": 0.57,
        "y": 0.45
      },
      "kind": "callout",
      "text": "Interest expense absorbs only 5.8% of Peer EBIT on average",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "43ea4cde-be3a-42dc-aac6-13590888fd2c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.68,
        "w": 0.88,
        "x": 0.07,
        "y": 0.2
      },
      "kind": "chart",
      "text": "2011 Interest Expense as a Percentage of EBIT",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "13268cc4-73d5-4c0b-9133-ff5ea188ff9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.88,
        "x": 0.07,
        "y": 0.09
      },
      "kind": "list",
      "text": "In 2011, nearly 30% of Lazard’s EBIT was used to pay interest expense\nAs Lazard’s debt gets closer to maturity, it has an opportunity to attractively deploy capital to reduce its interest expense",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "02f328fa-c490-4803-9cc0-e29cfefd5625",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Interest expense as a percentage of EBIT: 29%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be2c-ab5a18e02d43",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.12,
        "x": 0.06,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: SEC filings",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3c63fcac-2c4c-4df8-b8de-631117e657e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.88,
        "x": 0.06,
        "y": 0.04
      },
      "kind": "title",
      "text": "Lazard’s Plan Can Result in a More Efficient Allocation of Capital",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e61ca72-78cb-4f92-9c39-c01aef09eb7c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "efdecd8a-b6dc-4e5c-acd0-b49a2cd530a5",
      "evidence": "Comparing Lazard's interest expense ratio against a peer group to highlight inefficiency.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 32,
      "from": 24,
      "beatId": "0b2870cd-01e2-4ba1-bd57-f9640da670ce",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": null,
      "evidence": "Trian proposes a new strategic plan, margin improvement, and shareholder-friendly capital deployment.",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}