{
  "docId": "019dd923-622b-71dc-a6db-d8bdfd864eab",
  "docSlug": "42942301f902",
  "documentTitle": "Spectra Energy Corp (SE)",
  "authorId": "08_Sandell",
  "authorName": "Sandell Asset Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-06-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 8,
  "pageCount": 14,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "cite_precedent",
  "function": "cite_precedent",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "Includes a line chart showing stock performance and a table summarizing absolute price performance over 1, 2, and 3 years.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "callout_box",
    "line_chart",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-d8bdfd864eab/8",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-d8bdfd864eab",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-d8bdfd864eab.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-d8bdfd864eab#slide-8",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.56,
        "x": 0.22,
        "y": 0.37
      },
      "kind": "callout",
      "text": "WMB has considerably outperformed SE in the relevant time frame with sell-side valuing WMB's GP IDR at 25x+ Cash Flow",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "581ed748-631c-4d84-a720-e29aca2c2045",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "WMB has considerably outperformed SE in the relevant time frame with sell-side valuing WMB’s GP IDR at 25x+ Cash Flow",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb96-7553-b1d5-54175978ef52",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.53,
        "x": 0.12,
        "y": 0.45
      },
      "kind": "chart",
      "text": "Stock performance chart comparing WMB, WPZ, SE, and SEP from 2010 to 2013.",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "27131d58-dabb-4d6c-98eb-8706ce07f3ce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.23
      },
      "kind": "list",
      "text": "Williams Companies (WMB) dropped down all of its midstream and pipeline assets into Williams Partners (WPZ) in January 2010. The $12bn in asset drop downs increased WPZ's EV 5x+ from approximately $2.6bn to $14.2bn. The transaction was financed through WPZ stock.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "651d7393-01e4-49e9-b36d-26231e117a40",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Absolute Price Performance: 99%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb96-7553-b1d5-5b8840dc84eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.25,
        "x": 0.67,
        "y": 0.46
      },
      "kind": "table",
      "text": "Absolute Price Performance table showing 1YR, 2YR, and 3YR returns for WMB and SE.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "113ec58b-ecce-4a5b-961a-571001a2629a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.05,
        "y": 0.19
      },
      "kind": "title",
      "text": "Step 1: WPZ/WMB transaction provides a successful case study",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a8b92823-3d59-4e12-b1ff-03cd82838755",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.05,
        "y": 0.14
      },
      "kind": "title",
      "text": "Unlocking Shareholder Value at Spectra Energy Corp",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2a420a2a-bdeb-4a78-bacc-a29d8ca0e794",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "cite_precedent",
      "slug": null,
      "matchId": "543dce49-18b2-4ca4-b5a4-493774a632b2",
      "evidence": "Uses a historical transaction (WMB/WPZ) to justify a proposed strategy for Spectra Energy.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 9,
      "from": 3,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "c928502f-8438-4318-baae-6498aa261045",
      "evidence": "The document presents a series of logical arguments",
      "position": 0,
      "objective": "To demonstrate the logic behind unlocking shareholder value",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.7,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    },
    {
      "to": 9,
      "from": 8,
      "name": "Analogy",
      "slug": "08-analogy",
      "bestFor": "Complex concepts, new markets, technical explanations for non-experts",
      "matchId": "4887b833-8afb-4534-888b-06eaffc1f254",
      "evidence": "Slide 8 cites precedent",
      "position": 1,
      "objective": "To draw an analogy with precedent",
      "structure": "The Familiar Domain -> Key Parallel -> Applied to Our Situation -> Insight",
      "confidence": 0.6,
      "description": "Explain the unfamiliar through a well-understood parallel domain"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}