{
  "docId": "019dd923-622b-71dc-a6dc-2b65d6c48f5e",
  "docSlug": "221a7c1fe12f",
  "documentTitle": "Xerox Corporation (XRX)",
  "authorId": "14_Icahn",
  "authorName": "Carl C. Icahn",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-04-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 40,
  "pageCount": 44,
  "prevPage": 39,
  "nextPage": 41,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 30,
  "notes": "The slide uses a 7.0x multiple as the base case for the bridge calculation.",
  "elementsJson": [
    "headline_text",
    "valuation_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-2b65d6c48f5e/40",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-2b65d6c48f5e",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-2b65d6c48f5e.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-2b65d6c48f5e#slide-40",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.35,
        "x": 0.6,
        "y": 0.16
      },
      "kind": "callout",
      "text": "Each of these multiples is still lower than the multiple of Xerox's industry leading peer HP Inc., which trades at 8.1x",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a36dc80-3b9f-46a9-88bc-d7b133212da8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Equity Value per Share: $59.10",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee3c-76df-9648-dbbf6bb336bb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.82
      },
      "kind": "source-note",
      "text": "1) Based on current Adjusted EBITDA... 2) Includes Net Debt... 3) Assumes preferred shares... 4) Based on $30.35... 5) Based on share price improvement... 6) Based on HP Inc.'s closing price...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d8722915-b3ea-4895-841b-b5c91fe6f68f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.28,
        "x": 0.28,
        "y": 0.2
      },
      "kind": "table",
      "text": "Sensitivity table showing 6.5x, 7.0x, 7.5x multiples applied to 2018E EBITDA to derive Equity Value per share and Unrecognized Value.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11e5c45d-0151-496a-ae3a-78f41a99fb96",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.4,
        "x": 0.57,
        "y": 0.51
      },
      "kind": "table",
      "text": "Xerox Standalone Value with Improvements bridge: Standalone Xerox ($30.4) + Cost Savings ($28.7) = Illustrative Total Value (~$59).",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a4792c02-847a-4ff6-aced-af219740f740",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "On a standalone basis, if Xerox can merely stabilize revenue and actually realize net cost cuts, any multiple expansion would drive Xerox's stock meaningfully higher",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6e53cec8-7964-4e3b-977d-f4b50df9c9fa",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation-bridge",
      "slug": null,
      "matchId": "6b5f227d-a283-4cd8-97de-d46814d0b375",
      "evidence": "Bridge calculation from standalone value to illustrative total value",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 31,
      "beatId": "348bb81b-43ac-4c95-8f5c-bed692e812be",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Contradictions in the proposed transaction are exposed, further supporting the proposed solution.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}