{
  "docId": "019dd923-622b-71dc-a6db-4e5c6908a228",
  "docSlug": "e685a047c782",
  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-02-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 6,
  "pageCount": 95,
  "prevPage": 5,
  "nextPage": 7,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses a dual-axis chart to show the divergence between stock price (rising) and EPS (stagnant/declining).",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-4e5c6908a228/6",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228#slide-6",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe DuPont's recent share price performance reflects the market's desire for Trian's involvement",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5374-767b-b3bf-771cbc5ba496",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.88,
        "x": 0.06,
        "y": 0.32
      },
      "kind": "chart",
      "text": "Actual EPS vs. Long-Term Guidance",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f7bec85d-099b-4a00-a27f-db30f484c20b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.06,
        "y": 0.14
      },
      "kind": "list",
      "text": "DuPont's stock price has risen ~53% since Trian's initial investment, yet EPS is below 2011 levels. While DuPont boasts about its total return, 116% of that return resulted from share price appreciation after Trian invested. We believe DuPont's recent share price performance reflects the market's desire for Trian's involvement.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ed3181d4-8d3c-4260-95c6-058c2e483859",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EPS: 53%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5374-767b-b3bf-7874f2fe94b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.88,
        "x": 0.06,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Source: Capital IQ, DuPont Press Releases and transcripts of earnings release conference calls. (1) Source: DuPont presentation filed 1/9/15. (2) While Trian believes that such share price appreciation is attributable to Trian's involvement... (3) Represents announcement of Fresh Start Initiative...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3d692897-ff47-4bfb-b5b8-d1dffa309a64",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.06,
        "y": 0.07
      },
      "kind": "title",
      "text": "Recent Stock Price Strength Not Driven By Fundamentals",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e2a32f7a-110d-49d2-ae00-f15ffa559fa5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "d5095ce8-7c1c-42a6-9a21-8125c1652e75",
      "evidence": "The slide explicitly contrasts market valuation (stock price) with underlying performance (EPS) to argue that the company's success is artificial/external.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 9,
      "from": 1,
      "beatId": "d7fceecf-0bfd-4ef4-ae40-06a88df4004e",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The presentation identifies DuPont's underperformance and the problems with management.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}