{
  "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": 9,
  "pageCount": 87,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "thesis_headline",
  "function": "quantify_opportunity",
  "density": "dense",
  "nDataPoints": 7,
  "notes": "Includes a callout box highlighting potential upside from excess costs.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-96363f3635d5/9",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-96363f3635d5",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-96363f3635d5.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-96363f3635d5#slide-9",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.85,
        "x": 0.097,
        "y": 0.718
      },
      "kind": "callout",
      "text": "Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "89e8fe11-d777-4029-b386-c89d2285a514",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.85,
        "x": 0.067,
        "y": 0.805
      },
      "kind": "disclaimer",
      "text": "Note: For more detail regarding this analysis, see “Trian Implied Target Value Analysis For DuPont Stock”, filed with the Securities and Exchange Commission (SEC) on April 17, 2015.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b27fa35d-3cc7-46d7-b1dd-5e4da2f0ae7a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.85,
        "x": 0.097,
        "y": 0.28
      },
      "kind": "list",
      "text": "The Key Assumptions for Trian's Analysis in its Summary White Paper were as follows: Valuation: 9.9x blended NTM EV/EBITDA; Best-in-class operating performance: 410bps margin improvement; Prudent Leverage: 2x net debt/EBITDA; Dividend CAGR: 10%; Tax Rate: 33%",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4621513e-ad7a-42e7-a8e7-b41cd32249fe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "implied target value per share: $120",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-203c-716b-be60-e9af967652cc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.075,
        "w": 0.85,
        "x": 0.097,
        "y": 0.185
      },
      "kind": "paragraph",
      "text": "When Trian issued its Summary White Paper (September 2014), Trian arrived at an implied target value per share in excess of $120(1) by the end of 2017, a 21% internal rate of return (IRR) for shareholders holding DuPont stock during this period",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b5f042b-3d22-49e7-abdb-3b99efbf1df5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.555,
        "x": 0.097,
        "y": 0.125
      },
      "kind": "title",
      "text": "Trian's Investment Thesis For DuPont",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c1ff0f7-4872-4f4e-9d04-1e8a0ec1b92a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "a47b7bb5-1dc6-44b6-8b5b-647e53ee0839",
      "evidence": "Outlines valuation, leverage, dividend policy, and margin improvement targets.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 5,
      "beatId": "815c4657-dacb-4824-9e3d-5f34a6a8a191",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "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"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}