{
  "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": 23,
  "pageCount": 25,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": "Includes a 'Restoring Performance' WholeCo Valuation Analysis table with supporting commentary.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-81a8a09bae5a/23",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-81a8a09bae5a#slide-23",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "If Solventum returns to these pre-spin performance levels, we believe shares could be worth ~$140 by year-end 2027... We view this as an undemanding case and expect management to be able to drive better performance than how it performed inside of 3M",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee38-728b-98c4-25974ede0bbb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.89
      },
      "kind": "disclaimer",
      "text": "Source: Company filings, Trian analysis. Note: Although the above analysis represents Trian's estimate... this presentation does not recommend the purchase or sale of any security.",
      "attrs": null,
      "subkind": "disclaimer",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "06f26c60-fbf0-4ba3-afe6-a8f5416cb5fa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.46,
        "x": 0.5,
        "y": 0.4
      },
      "kind": "list",
      "text": "In line with the last 3 and 5 years inside of 3M; Assumes savings from 3M corporate cost allocations are reinvested in growth; Assumes no share repurchases or M&A; Opportunity to earn a higher multiple; Simplifying portfolio can lead to higher multiple.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8b4669db-3968-41d5-81c9-9ffad45ba721",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.92,
        "x": 0.04,
        "y": 0.1
      },
      "kind": "list",
      "text": "We believe that Health Care was not living up to its potential inside of 3M - it had 4 CEOs over 5 years and lacked focus inside of 3M's conglomerate structure. Still, the business grew +3% organically at a 26% average EBIT margin over this period.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "962d0f4d-9895-4d0d-91ce-ce38cffc865a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Potential Implied Share Value: $140",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee38-728b-98c4-286bd6e86dfb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.21
      },
      "kind": "paragraph",
      "text": "If Solventum returns to these pre-spin performance levels, we believe shares could be worth ~$140 by year-end 2027... We view this as an undemanding case and expect management to be able to drive better performance than how it performed inside of 3M",
      "attrs": null,
      "subkind": "description",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a78403d5-07fb-4f71-8f17-3f55eeb6b58d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.04,
        "y": 0.4
      },
      "kind": "table",
      "text": "Sales $9.2bn, % organic CAGR 3.0%, Adj. EBIT $2.4bn, % margin 26%, Adj. EPS $9.33, NTM Adj. EPS $9.33, NTM P/E Multiple 15.0x, Potential Implied Share Value ~$140, Implied FCF Yield ~6.7%",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "885437a5-779d-42ea-831d-8ed1b0afa0b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.92,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "By Restoring Performance, We Believe Solventum's Value Per Share Can Double",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "62fbba79-26ea-4b1f-9fb9-fce018d6f32e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.04,
        "y": 0.34
      },
      "kind": "title",
      "text": "Solventum \"Restoring Performance\" WholeCo Valuation Analysis",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df535061-3255-41e8-82b4-5174372be119",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation_table",
      "slug": null,
      "matchId": "68e933db-cf8b-4a09-8aab-6bdc37cbfa93",
      "evidence": "Presents a structured valuation bridge from sales/EBIT to implied share price.",
      "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
}