{
  "docId": "019dd923-622b-71dc-a6db-96363f3635d5",
  "docSlug": "96abbaf09d0b",
  "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": "2015-04-21 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 13,
  "pageCount": 87,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide uses a table to contrast Q1 2014 vs Q1 2015 performance metrics to support the activist's argument of management underperformance.",
  "elementsJson": [
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  "slideHref": "/slides/019dd923-622b-71dc-a6db-96363f3635d5/13",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-96363f3635d5",
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  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-96363f3635d5#slide-13",
  "components": [
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      "kind": "callout",
      "text": "VOTE THE GOLD PROXY CARD",
      "attrs": null,
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      "kind": "callout",
      "text": "While Q1 EPS was above consensus, management has beaten Q1 consensus two out of the last three years, while ultimately missing Fiscal Year guidance in each of those years",
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      "kind": "list",
      "text": "Organic Revenue Growth of -1% Y-O-Y; Segment margins contracted by ~100bps; Operating EPS decline 15% Y-O-Y; Revised full year 2015 guidance; Management has beaten Q1 consensus but missed FY guidance in each of the last three years.",
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      "kind": "metric",
      "text": "Operating EPS: 15%",
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      "kind": "source-note",
      "text": "Source: DuPont 4/21/15 Form 8-K and other SEC filings and Bloomberg. (1) Source: DuPont SEC filings, average of 2011-2014.",
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      "kind": "table",
      "text": "Financial performance table comparing Q1 2014 and Q1 2015 across Net Revenue, Adjusted Segment EBIT, and Operating EPS.",
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      "kind": "title",
      "text": "Q1, Typically ~40% Of Fiscal Year Earnings(1), Was “More Of The Same”",
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  "frameworks": [
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      "evidence": "Contrasts management's quarterly beat with consistent annual guidance misses.",
      "confidence": 0.9
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  "arcBeats": [
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      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem",
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      "evidence": "The deck identifies DuPont's underperformance and various issues, such as lack of growth and poor governance.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
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  "loops": [
    {
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      "name": "Iceberg",
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      "bestFor": "Consulting, complex problem solving, organizational change",
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      "evidence": "The deck uses various slides to expose contradictions and highlight DuPont's underperformance.",
      "position": 0,
      "objective": "Reveal the underlying issues at DuPont",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.7,
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