{
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  "docSlug": "17d128ed7fca",
  "documentTitle": "Agrium (AGU)",
  "authorId": "13_JANA_Partners",
  "authorName": "Agrium",
  "documentKindSlug": "regulatory-filing",
  "documentKindLabel": "Regulatory filing",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-02-19 00:00:00",
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  "pageNumber": 10,
  "pageCount": 10,
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  "slideType": "villain_critique",
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  "notes": "This is a rebuttal slide targeting an activist investor's (JANA) valuation model.",
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  "components": [
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      "kind": "callout",
      "text": "JANA’s unorthodox tax adjustment is intended to inflate the value of Wholesale to make Retail look undervalued",
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      "text": "In addition to their capacity expansion “adjustment”, other parts of JANA’s SOTP analysis are contrived and deeply flawed\nJANA’s unorthodox tax adjustment is intended to inflate the value of Wholesale to make Retail look undervalued\nEBITDA valuation multiples are not normally adjusted for tax differences since, by definition, they are independent of capital structure and tax attributes\nNo sell-side analysts adjust nutrient multiples for different tax jurisdictions\nFurther, any adjustment would require taking into account the tax attributes of all companies and consistently applying across all segments and jurisdictions\nMoreover, using CF’s multiple as a proxy for nitrogen is conservative considering a portion of CF’s nutrient production is phosphate – adjusting for this would produce a meaningfully lower multiple for nitrogen",
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      "kind": "title",
      "text": "Other Flaws in JANA’s SOTP Analysis",
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      "evidence": "Multiple slides exposing flaws in JANA's valuation methodology",
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