{
  "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": 63,
  "pageCount": 95,
  "prevPage": 62,
  "nextPage": 64,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 32,
  "notes": "Uses a 'villain' critique style to frame the company's complexity and lack of organic growth.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "line_chart",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-4e5c6908a228/63",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228#slide-63",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.58
      },
      "kind": "callout",
      "text": "This is Despite Performance Materials Over-Earnings As a Result of Record-High Ethylene Spreads",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "43247a2a-2575-424f-a14e-76e79ded56ef",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Excluding the ethylene spread PTOI was flat and margins only expanded ~58bps",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5374-767b-b3c4-c2c3d1d77bb4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.05,
        "y": 0.65
      },
      "kind": "chart",
      "text": "Ethylene Spread Profit Over Time (07-14) ($m)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "04d26d4d-d012-4a10-be64-e46e97c99b65",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.45,
        "x": 0.05,
        "y": 0.22
      },
      "kind": "chart",
      "text": "Sales Growth Has Been Non-Existent (07-14) ($bns)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c3f64df9-b837-4ea5-9199-20a12e7c3806",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.45,
        "x": 0.52,
        "y": 0.22
      },
      "kind": "chart",
      "text": "Growth in Adjusted PTOI(3) Has Been Anemic ($bns)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d567faab-2d92-46a7-b520-592a676fef81",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adjusted PTOI: 0% CAGR",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5374-767b-b3c4-c44d9b4b0c4f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.3,
        "x": 0.6,
        "y": 0.7
      },
      "kind": "paragraph",
      "text": "Excluding the ethylene spread PTOI was flat and margins only expanded ~58bps",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3beff959-35ed-421d-886a-499870a1be45",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "The Performance Materials, Safety and Protection and Electronics and Communications segments have historically been low growth and volatile. Margins have deteriorated despite the significant increase in ethylene spreads",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f1c72000-5bf8-4be5-b5f6-570e93086caf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: SEC Filings, Investor Presentations, Trian Estimates. PTOI before non-operating pension expense.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "99d92da9-c01a-470e-9a32-345341af5e83",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Disparate Businesses And Overwhelming Complexity: New DuPont(1) Remains A Conglomerate With 44% Of Sales In Low Growth Businesses",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "49e14637-44c0-4725-ae6f-737e2aa07739",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "4bc0fae6-1abf-42cf-bad7-02e6a9527d1c",
      "evidence": "Exposing that earnings growth is driven by external factors (ethylene spreads) rather than core business performance.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 95,
      "from": 60,
      "beatId": "17930cb1-5e44-4ce1-932b-8378590408cd",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The presentation outlines the potential impact of Trian's initiatives and the next steps for DuPont.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 70,
      "from": 60,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "08e74ec7-a8b6-4a6a-91b1-8785a62c8fb5",
      "evidence": "The presentation provides a breakdown of DuPont's business and potential areas for improvement.",
      "position": 2,
      "objective": "How can DuPont's business be broken down and improved?",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.6,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}