{
  "docId": "019dd923-622b-71dc-a6db-d23acf6e9cdd",
  "docSlug": "67120026e557",
  "documentTitle": "Rubicon Limited (RBC)",
  "authorId": "08_Sandell",
  "authorName": "Sandell Asset Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-10-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 12,
  "pageCount": 15,
  "prevPage": 11,
  "nextPage": 13,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "overcrowded",
  "nDataPoints": 60,
  "notes": "Includes two sensitivity tables for DCF valuation (USDm and per share NZD) based on WACC and perpetuity growth rates.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "data_table",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-d23acf6e9cdd/12",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-d23acf6e9cdd",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-d23acf6e9cdd.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-d23acf6e9cdd#slide-12",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Valuation: A revolutionary asset worth USD500m-700m unknown to the equity market",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0935-737e-8db3-ceb8270d06c0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.07,
        "y": 0.15
      },
      "kind": "list",
      "text": "Key DCF valuation assumptions are based on: Average selling price growing at significant rate with potential to increase 10x-20x in the long term. Conventional seedlings (OP) are priced in the range of USD0.05-0.07 per seedling. More advance products such as MCPs sell within the range of USD0.23-0.40 per seedling. Upon USDA and other approvals, biotech products have the potential to sell up to USD1.90 per seedling. This is an astonishing 21x the current average price per seedling.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "61da189c-1dd0-4089-8db9-364ebaeddc57",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "DCF valuation: USD500m-700m",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0935-737e-8db3-d1a14c487558",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.07,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "(1) Open pollination; (2) Mass-control pollination; (3) Perpetuity growth. Source: ArborGen, Rubicon. SAMC's analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cabe4909-2a5a-4edf-bf7a-a3a3f72694a2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.5,
        "x": 0.25,
        "y": 0.22
      },
      "kind": "table",
      "text": "Average selling price per 1000 seedlings (USD) 65 83 90; Average selling price per seedling (USD) 0.065 0.083 0.090; y-o-y growth 27.7% 8.4%",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71c725f8-41a6-4293-b624-c987718db9b8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.4,
        "x": 0.07,
        "y": 0.74
      },
      "kind": "table",
      "text": "ARBR DCF Sensitivity (USDm) WACC 15%-20% vs g 1.5%-3.0%",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0e76cf62-1759-4158-a025-c6f9a604784e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.4,
        "x": 0.52,
        "y": 0.74
      },
      "kind": "table",
      "text": "ARBR DCF Sensitivity per RBC share (NZD) WACC 15%-20% vs g 1.5%-3.0%",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "edc86741-b261-4b2e-86dc-3679c428a7c0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.85,
        "x": 0.07,
        "y": 0.11
      },
      "kind": "title",
      "text": "Valuation: A revolutionary asset worth USD500m-700m unknown to the equity market",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a8882a6a-e8c6-4516-9f01-ece9dc03928d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.35,
        "x": 0.07,
        "y": 0.05
      },
      "kind": "title",
      "text": "ArborGen Overview",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f036034f-0cab-4ca9-a489-5d33696ffa10",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [
    {
      "to": 12,
      "from": 4,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "782eedf9-a9a0-466a-b0a4-4f77879b9566",
      "evidence": "Valuation tables and market sizing data",
      "position": 0,
      "objective": "Highlight undervaluation and potential for growth",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}