{
  "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": 13,
  "pageCount": 15,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "executive_summary",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 18,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "kpi_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-d23acf6e9cdd/13",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-d23acf6e9cdd",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-d23acf6e9cdd.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-d23acf6e9cdd#slide-13",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Tenon EBITDA running at low cycle of USD8m vs peak of USD20m. Margin improvement potential from restructuring, new products launch, new geographies and housing market recovery could drive an EBITDA pick-up to USD23m.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0935-737e-8db3-99427de54e3e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.43,
        "x": 0.066,
        "y": 0.258
      },
      "kind": "list",
      "text": "Restructuring plan: Reduction of physical inventory location to 11 from 18; Restructuring the Asian sourcing function; New DYI product range; Restructuring of the New Zealand operations; Geographical expansion in China, Australia and Europe",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2766c22f-6d6a-4fc5-b176-afa0f2f14c5b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.43,
        "x": 0.505,
        "y": 0.258
      },
      "kind": "list",
      "text": "Positive macro fundamental indicators of US housing market: Affordability at 40-year lows; New home inventories at 40-year lows; US mortgage rate remain at 40-year lows; Aging house stock, with 2/3 of the total being more than 25 years old",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "64bb08c0-eece-4882-82ec-4e32d4475c8a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA: USD23m",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0935-737e-8db3-9c7812302307",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.045,
        "w": 0.86,
        "x": 0.066,
        "y": 0.183
      },
      "kind": "paragraph",
      "text": "Tenon EBITDA running at low cycle of USD8m vs peak of USD20m. Margin improvement potential from restructuring, new products launch, new geographies and housing market recovery could drive an EBITDA pick-up to USD23m.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f50bd33-6f6d-4d93-85e3-609dabd13177",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.015,
        "w": 0.07,
        "x": 0.201,
        "y": 0.655
      },
      "kind": "source-note",
      "text": "Source: Tenon",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cf0f8f51-91bb-4fcf-b64e-19b91e0b5401",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.598,
        "x": 0.201,
        "y": 0.535
      },
      "kind": "table",
      "text": "FY June (USDm) 2006A 2007A 2008A 2009A 2010A 2011A Revenue 370 394 377 322 329 326 EBITDA 20 20 16 10 10 8 EBITDA Margin 5.4% 5.1% 4.2% 3.1% 3.0% 2.5%",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2d797c9f-2d4f-469e-85ba-8ca09379e04d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.698,
        "x": 0.066,
        "y": 0.138
      },
      "kind": "title",
      "text": "Well positioned to capitalize from restructuring and recovery of the US housing market",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "67a65092-9683-4bb1-936d-d31571a1b833",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.038,
        "w": 0.298,
        "x": 0.066,
        "y": 0.05
      },
      "kind": "title",
      "text": "Tenon Overview",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d60a969f-57cb-4f5f-b01d-a6d14c921c6f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Audience Definition",
      "slug": "audience-definition",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "4cea15d4-80c4-4572-a037-f7caa67c79d6",
      "evidence": "The slide seems to be targeted towards investors or stakeholders of Tenon, discussing the company's restructuring and market position.",
      "confidence": 0.7
    },
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "7e76f9cf-3477-4f68-82e4-41ad67931cf4",
      "evidence": "This slide provides a summary of the key points, including restructuring plan and positive macro fundamental indicators of the US housing market.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 15,
      "from": 13,
      "beatId": "16450de0-7f04-43f3-96dd-c10302108716",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "Restructuring and recovery plan outlined",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 15,
      "from": 13,
      "name": "Quick Win Big Bet",
      "slug": "47-quick-win-big-bet",
      "bestFor": "Transformation planning, 100-day plans, resource allocation",
      "matchId": "f269772f-a896-4393-a70a-7de387910ea0",
      "evidence": "Executive summary and valuation tables",
      "position": 1,
      "objective": "Propose solution for restructuring and recovery",
      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
      "confidence": 0.6,
      "description": "Separate initiatives into immediate wins and longer-term strategic bets"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}