{
  "docId": "019dd923-622b-71dc-a6db-81a8a09bae5a",
  "docSlug": "1bbbc8a9f010",
  "documentTitle": "Solventum Corporation (SOLV)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Fund Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-01-08 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 18,
  "pageCount": 25,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 35,
  "notes": "The chart highlights Solventum's outlier performance in margin deterioration compared to historical precedents.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/18",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-18",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.52,
        "y": 0.74
      },
      "kind": "callout",
      "text": "Solventum’s margin deterioration would rank as the 3rd worst",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3314baf4-2126-45ca-bad0-14337ee61323",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.92,
        "x": 0.04,
        "y": 0.34
      },
      "kind": "chart",
      "text": "Spin-Outs >$5bn Market Cap Since 2014: 1st Standalone Year vs. Pre-Spin Pro Forma Adj. Margin",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2ef21cf-b380-4929-87b1-c1c199a53a59",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "operating margin: (424bps)",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee38-728b-98c3-b392ad8a20a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.92,
        "x": 0.04,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "To put Solventum’s expected margin decline into context, we benchmarked it against every US primary listed spin over the last 10 years (through 2023) with a market cap >$5bn when spun, excluding companies in the energy and balance sheet financials sectors",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "43c3ee18-15b9-4113-b5f1-44a729f9d5fc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Source: FactSet, equity research, Company filings, Trian analysis. Note: Analysis compares the standalone pro forma adjusted operating margin in the last fiscal year pre-spin vs. the actual reported adjusted operating margin in each company’s 1st full standalone year.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aca7b59e-462d-4b7d-8772-effa63b867d5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "Solventum’s Expected Margin Decline Would Mark the Worst Performance of Almost Any Spin in the Last Decade",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4f65d95d-d41a-452c-9746-5bdc4cc5e3f2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "8e697a26-9356-4082-b639-206d196623ca",
      "evidence": "Spin-Outs >$5bn Market Cap Since 2014: 1st Standalone Year vs. Pre-Spin Pro Forma Adj. Margin",
      "confidence": 0.5
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "58a7b351-52e4-4040-96f0-c324103cabac",
      "evidence": "Benchmarking Solventum against historical spin-off performance data.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 23,
      "from": 15,
      "beatId": "a130df98-64af-4255-946e-f1fc0c14712e",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "Slides 15-23 offer a solution through margin expansion, overhead cost savings, and growth, and conclude with a valuation reveal.",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 23,
      "from": 2,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "06cc74da-b5d0-4b02-be5e-0e77cc27e506",
      "evidence": "The deck emphasizes the need for change to restore Solventum's performance and unlock shareholder value.",
      "position": 0,
      "objective": "The cost of inaction is a decline in shareholder value.",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.8,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}