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  "documentTitle": "Agrium (AGU)",
  "authorId": "13_JANA_Partners",
  "authorName": "Agrium",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-02-19 00:00:00",
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  "notes": "This slide is a classic activist defense rebuttal targeting an opponent's valuation model.",
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      "text": "JANA Either Does Not Understand How to Value Assets in Our Sector or it is Intentionally Trying to Deceive Shareholders",
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      "text": "Agrium",
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      "text": "In JANA's February 7, 2013 presentation (slides 21-22), it prepared what is perhaps its most flawed and troubling analysis to date\nRather than prepare its own sum-of-the-parts analysis based on actual peer trading multiples, it has proposed several flawed and unconventional adjustments to Wholesale's trading value in an attempt to reduce the value of Retail within Agrium\nThe largest error in JANA's analysis is that it has ADDED what it believes is the value of our Vanscoy potash expansion project to the current trading value of Wholesale, in order to suggest Retail is receiving a low multiple\nToday, 0 out of 29 analysts covering our stock make this adjustment – in fact, 0 out of 29 analysts make all of the other valuation adjustments proposed by JANA\nIgnoring that for the moment, since all of our peers have large expansion projects underway, if one follows JANA's approach, consistent adjustments must be made for all of our peers\nValuing our existing business at \"project adjusted\" multiples for the peers and adding the theoretical value of Vanscoy suggests we are still receiving about 9x in our stock for Retail",
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      "text": "JANA's Deeply Flawed Sum-of-the-Parts Analysis",
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