{
  "docId": "019dd923-622b-71dc-a6db-8db9eda08bf8",
  "docSlug": "80938ee8f28c",
  "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": "2015-04-22 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2631578,
  "pageNumber": 62,
  "pageCount": 88,
  "prevPage": 61,
  "nextPage": 63,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "The slide uses a side-by-side comparison to argue that management's core activities have failed to create value.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-8db9eda08bf8/62",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-8db9eda08bf8",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-8db9eda08bf8.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-8db9eda08bf8#slide-62",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "DuPont's share price declined by $10 cumulatively over all 31 Earnings Events, underperforming the S&P 500 Index by even more, suggesting strong operational execution has not been a primary driver of value creation",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14d8-75c0-8c82-5c365ad3c3f0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.37,
        "x": 0.13,
        "y": 0.28
      },
      "kind": "list",
      "text": "DuPont Operational Execution Since 2009 (31 Earnings Events in Total)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2f8cd8a2-a7d5-41aa-ac33-d35b6587775c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.37,
        "x": 0.53,
        "y": 0.28
      },
      "kind": "list",
      "text": "DuPont M&A / Portfolio Developments Since 2009 (8 Major Portfolio Announcements)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4c25a604-9639-4bd9-8dff-cb0077eaa4c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.37,
        "x": 0.13,
        "y": 0.39
      },
      "kind": "list",
      "text": "Trian reviewed all 31 Earnings Events... DuPont's share price declined by $10 cumulatively... Share price has declined in response to 7 of the last 9 Earnings Events...",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8ef7ecd0-39e7-4893-b1cc-c87e2cf0a031",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.37,
        "x": 0.53,
        "y": 0.39
      },
      "kind": "list",
      "text": "Trian reviewed all eight major M&A... DuPont's share price declined by ~$0.46 cumulatively... No single announcement drove so much as 100 bps of share price outperformance...",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c5d62491-a6c7-4763-975f-c44787ae2c25",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.37,
        "x": 0.13,
        "y": 0.35
      },
      "kind": "metric",
      "text": "Cumulative Change in Share Price: -$10 Per Share",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a87c7a68-8af9-4c8c-b61f-56dfe38f2da9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.37,
        "x": 0.53,
        "y": 0.35
      },
      "kind": "metric",
      "text": "Cumulative Change in Share Price: $0 Per Share",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c4fe3467-1e4d-4fc8-aaa6-11db72eb5a77",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "cumulative share price change: -$10",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14d8-75c0-8c82-62ce29ea72ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.42,
        "x": 0.1,
        "y": 0.86
      },
      "kind": "source-note",
      "text": "Sources: Capital IQ, Bloomberg, Company SEC Filings, and DuPont website news and press releases.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6076c503-5470-4c6e-8646-7c7710b94392",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.74,
        "x": 0.13,
        "y": 0.14
      },
      "kind": "title",
      "text": "Earnings Events and M&A Announcements, In Our View, Have Led to Value Destruction, Not Value Creation During Management's Tenure",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4de06a51-a282-41e1-b018-b200a4010fc2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "f678e75c-89be-4a75-acff-2822f13daab7",
      "evidence": "Side-by-side comparison of two business activities to argue for value destruction.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}