{
  "docId": "019dd923-622b-71dc-a6db-b5edc1dad033",
  "docSlug": "66f3a5764229",
  "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)",
  "authorId": "07_Marcato",
  "authorName": "Marcato Capital Management",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-10-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 20,
  "pageCount": 69,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "valuation_table",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 70,
  "notes": "Includes a specific callout regarding a 2006 Goldman Sachs valuation of the Kukui'ula project.",
  "elementsJson": [
    "headline_text",
    "data_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/20",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-20",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.68,
        "x": 0.16,
        "y": 0.57
      },
      "kind": "callout",
      "text": "We note that in 2006, Goldman Sachs performed a DCF of Kukui'ula, valuing the project at $288m, before ALEX increased its project ownership from 60% to 77%. (1)",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "730d22ab-a2e5-4e65-ab21-7660368f18b6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We note that in 2006, Goldman Sachs performed a DCF of Kukui'ula, valuing the project at $288m, before ALEX increased its project ownership from 60% to 77%.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0935-737e-8dae-35dcd701aaeb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "NPV: $404",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0935-737e-8dae-39e51b20335d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.28,
        "y": 0.86
      },
      "kind": "source-note",
      "text": "Source: ALEX Real Estate Supplements, Marcato estimates",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "30a87560-029a-4ccc-a964-e5494df2e79e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.28,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "(1) Goldman Sachs Initiation Report, January 11, 2006",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d76f8ed5-fe2b-491e-8eda-f0f7f1e6dbf0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.16,
        "w": 0.91,
        "x": 0.045,
        "y": 0.325
      },
      "kind": "table",
      "text": "Table showing JV properties, locations, acreage, units, pricing, costs, tax data, and NPV.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "14f90e4d-ed5a-45b4-b3af-114450881f6a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.38,
        "x": 0.045,
        "y": 0.12
      },
      "kind": "title",
      "text": "JV Development Properties: DCFs",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7d17c715-9221-4953-b469-3e436c693ef4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Valuation: DCF",
      "slug": "dcf",
      "agent": "architect",
      "layer": "slide",
      "matchId": "59eb0c0e-abbd-4dd9-8ecc-f0380f7d3247",
      "evidence": "We note that in 2006, Goldman Sachs performed a DCF of Kukui'ula, valuing the project at $288m, before ALEX increased its project ownership from 60% to 77%.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}