{
  "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": 68,
  "pageCount": 95,
  "prevPage": 67,
  "nextPage": 69,
  "slideType": "before_after",
  "function": "illustrate_case",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "Case study of Trian's investment in Ingersoll-Rand.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "bar_chart_vertical",
    "footnote",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-4e5c6908a228/68",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-4e5c6908a228#slide-68",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Significant operational and financial improvements in both businesses since separation",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5374-767b-b3c5-2b442dee2392",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.48,
        "x": 0.48,
        "y": 0.53
      },
      "kind": "chart",
      "text": "New Ingersoll-Rand EBIT Margins",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a445cf6-0a2e-4644-9212-aaa5db8c29d5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.48,
        "x": 0.48,
        "y": 0.12
      },
      "kind": "chart",
      "text": "NTM EV/EBITDA Multiple",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "65b74b7e-19ac-4eb9-9156-42e8180fbb75",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.06,
        "y": 0.91
      },
      "kind": "disclaimer",
      "text": "Source: Company SEC filings, Bloomberg, CapitalIQ. Disclaimer: This case study is an example of a discrete investment...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "66ceb937-474d-4976-8f4f-3735b7477a86",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.06,
        "y": 0.51
      },
      "kind": "list",
      "text": "Stock price outperformance. Since Trian disclosed its ~7% stake, share price increased by 106% versus 60% for S&P and 64% for S&P 500 Industrials.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8199af63-34e9-4d42-a28e-4bf42e0e6674",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.45,
        "x": 0.06,
        "y": 0.13
      },
      "kind": "list",
      "text": "Significant operational and financial improvements in both businesses since separation. EBIT margins at new Ingersoll-Rand expected to be up ~35% from 2012-2016. ~$5.4bn in total capital returned to shareholders. Allegion guided high-teens EPS growth.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "84a483c0-1a9d-416f-942a-bde5eb772ff4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV/EBITDA Multiple: 113%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5374-767b-b3c5-2f7466bbd388",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.06,
        "y": 0.03
      },
      "kind": "title",
      "text": "Benefits Of Focus: Improve Performance Vs. Peers",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a0fb5df7-98b0-464c-9c1b-62be0f159821",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before/after framing",
      "slug": "before-after-framing",
      "agent": null,
      "layer": "slide",
      "matchId": "2a4a5acb-18af-480b-ba79-b9958682fb42",
      "evidence": "Significant operational and financial improvements in both businesses since separation.",
      "confidence": 0.7
    },
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "8b3a238f-4671-4651-9849-2e0d11189adb",
      "evidence": "chart/bar-vertical: New Ingersoll-Rand EBIT Margins",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "4d84be34-0765-441e-b732-063620607c5b",
      "evidence": "Compares performance metrics pre- and post-separation/Trian involvement.",
      "confidence": 1
    }
  ],
  "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
}