{
  "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": 43,
  "pageCount": 44,
  "prevPage": 42,
  "nextPage": 44,
  "slideType": "valuation_table",
  "function": "quantify_opportunity",
  "density": "overcrowded",
  "nDataPoints": 45,
  "notes": "The table demonstrates the mathematical impact of sustained share repurchases on float and insider ownership concentration.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/43",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-43",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Given its high insider ownership, if Dillard's maintains its free cash flow and share repurchase levels, then at the current stock price we estimate it would buy back nearly its entire float in the next five years",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a98e-6da68f723a11",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Share Repurchase: 100%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a98e-71caa73efe9a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.62,
        "x": 0.19,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Given its high insider ownership, if Dillard's maintains its free cash flow and share repurchase levels, then at the current stock price we estimate it would buy back nearly its entire float in the next five years",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "915f28ce-8734-4cee-a3f9-c7f1e7dabe0d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.01,
        "w": 0.22,
        "x": 0.33,
        "y": 0.69
      },
      "kind": "source-note",
      "text": "Source: Capital IQ, Company filings, Marcato Estimates",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1a019a4c-6e92-45ff-86bc-08069a5f85fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.54,
        "x": 0.23,
        "y": 0.28
      },
      "kind": "table",
      "text": "Share Repurchase and Insider Ownership Analysis table showing 2014-2018 projections for Free Cash Flow, Share Repurchase, Cumulative Share Repurchase, % Current Market Cap, % Current Float, Shares Outstanding, and Insider Ownership (%).",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ce28d3c1-5e78-4885-a7c7-6db15a0ac349",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.62,
        "x": 0.19,
        "y": 0.88
      },
      "kind": "title",
      "text": "Share Repurchase Math Is Extremely Compelling",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8317120a-705c-47f7-8a10-db7b20cc5480",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}