{
  "docId": "019dd923-622b-71dc-a6db-b04f33b5c215",
  "docSlug": "c6a949b90946",
  "documentTitle": "Sotheby's (BID)",
  "authorId": "07_Marcato",
  "authorName": "Marcato Capital Management",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-04-22 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.70665085,
  "pageNumber": 39,
  "pageCount": 44,
  "prevPage": 38,
  "nextPage": 40,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 16,
  "notes": "The slide uses four bar charts to demonstrate valuation gaps.",
  "elementsJson": [
    "headline_text",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/39",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-39",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.27,
        "x": 0.21,
        "y": 0.0017
      },
      "kind": "chart",
      "text": "2014 EV / EBITDA",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "104a27f9-e1af-40a5-872a-1bc60b4d35d4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.27,
        "x": 0.52,
        "y": 0.0017
      },
      "kind": "chart",
      "text": "2014 Adj. EV / EBITDAR",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6dca5589-5a4d-43ba-9d1b-c23feb65060c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.27,
        "x": 0.21,
        "y": 0.004
      },
      "kind": "chart",
      "text": "2014 P / E",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b4dfe9f-baac-4f8f-9d92-6d8f67a8cf30",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.27,
        "x": 0.52,
        "y": 0.004
      },
      "kind": "chart",
      "text": "2014 Free Cash Flow Yield",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f49ec734-b91a-4908-9a20-48d5d0d4688d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "valuation multiples",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a98e-5ab54e5944c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.34,
        "x": 0.33,
        "y": 0.7
      },
      "kind": "source-note",
      "text": "Source: Capital IQ, Company filings, Marcato Estimates. (1) Estimated maintenance free cash flow yields for Macy's and Nordstrom are 8.8% and 5.5%, respectively.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7472100a-3610-416a-89a6-deb77304a620",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.62,
        "x": 0.19,
        "y": 0.9
      },
      "kind": "title",
      "text": "Dillard's Trades At Significant Discount To Peers",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8991db90-020a-42a7-90a7-7c8784ee42e1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "bd425dab-a2fc-4135-9916-b3f5e51c037b",
      "evidence": "chart/bar-vertical: 2014 Free Cash Flow Yield",
      "confidence": 0.5
    },
    {
      "name": "Slide recipe: the peer-gap chart",
      "slug": "peer-gap-chart-recipe",
      "agent": "designer",
      "layer": "slide",
      "matchId": "ae144feb-fcca-4de1-9158-e2cab3dbab9f",
      "evidence": "Dillard's Trades At Significant Discount To Peers",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "4e3972e5-8697-41dd-ad2a-3353a26df4b3",
      "evidence": "Direct comparison of valuation metrics across a peer group.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 31,
      "beatId": "6817421e-817e-4206-9df2-f77024abdbe4",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Financials",
      "beatSlug": "sequoia-pitch-financials",
      "evidence": "The presentation provides financial data and metrics to support the solution.",
      "position": 3,
      "confidence": 0.9,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 40,
      "from": 38,
      "name": "Benchmark Gap",
      "slug": "39-benchmark-gap",
      "bestFor": "Performance improvement, competitive analysis, target setting",
      "matchId": "e0a5e900-4c3f-4d99-bf74-28bd53f3cee0",
      "evidence": "The presentation uses benchmarking to highlight the valuation gap.",
      "position": 1,
      "objective": "Highlight the valuation gap",
      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
      "confidence": 0.7,
      "description": "Compare performance against best-in-class to quantify the opportunity"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}