{
  "docId": "019dd923-622b-71dc-a6db-74a0f9f25c29",
  "docSlug": "f5c008b9a0d4",
  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-01-12 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 33,
  "pageCount": 35,
  "prevPage": 32,
  "nextPage": 34,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 8,
  "notes": "Uses a bar-grouped chart to compare specific financial line items between Disney (FY 2022) and Netflix (LTM Sept-22).",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box",
    "bar_chart_grouped",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-74a0f9f25c29/33",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-74a0f9f25c29",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-74a0f9f25c29.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-74a0f9f25c29#slide-33",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "...and NFLX EBIT margins are ~4,000bps higher than DIS",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b5-7512-b5b4-189dae803b2d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.8,
        "x": 0.1,
        "y": 0.2
      },
      "kind": "chart",
      "text": null,
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "85b09095-133c-4358-8dd8-34c7d0fa76ab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.08,
        "y": 0.86
      },
      "kind": "disclaimer",
      "text": "Source: SEC filings. Note: Netflix cost disclosures include D&A expense...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "205c2d3f-cb9d-4cb0-a6ef-3e614e0d8bf2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.3,
        "y": 0.82
      },
      "kind": "legend",
      "text": "Netflix (LTM Sept-22) Disney (FY 2022)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f2ab1ac2-313d-4fdb-804c-0d76df6264b6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBIT Margin: 4,000bps",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b5-7512-b5b4-1cbde7983c37",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.1,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "Disney's DTC segment appears to be less cost efficient than Netflix",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "61ed4d45-9b03-4173-8272-f831dd343ff6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.1,
        "y": 0.09
      },
      "kind": "title",
      "text": "Disney's Current Streaming Strategy is Leading to Inefficiencies",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b3715025-49f7-49f8-a3ae-8dc96a62247d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Slide recipe: the peer-gap chart",
      "slug": "peer-gap-chart-recipe",
      "agent": "designer",
      "layer": "slide",
      "matchId": "50dafce8-a3ce-4786-af37-dc7b88fe148a",
      "evidence": "The slide compares Disney's DTC segment to Netflix using a peer benchmark, with a clear visual representation of the difference in EBIT margins.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "1d4a80ea-c4de-468b-a153-d3c94b6732db",
      "evidence": "Direct side-by-side financial comparison of two competitors",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 35,
      "from": 25,
      "beatId": "1338fbba-7115-49cb-95c0-085533f8572a",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "Trian's proposed changes, including improving governance, increasing cost discipline, and enhancing streaming strategy",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}