{
  "docId": "019dd923-622b-71dc-a6dc-5ce2b4a778c9",
  "docSlug": "e32b71332b7f",
  "documentTitle": "The Timken Company (TKR)",
  "authorId": "17_Relational_Investors",
  "authorName": "CalSTRS",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 13,
  "pageCount": 42,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 84,
  "notes": "Includes a bridge from Enterprise Value to Equity Value per share.",
  "elementsJson": [
    "headline_text",
    "data_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-5ce2b4a778c9/13",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-5ce2b4a778c9",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-5ce2b4a778c9.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-5ce2b4a778c9#slide-13",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The valuation discount is significant when compared to soft synergies of joint research and sales.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5372-7340-8f91-23d15eec1a29",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Upside: 29%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5372-7340-8f91-245c5f9bf138",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "paragraph",
      "text": "The valuation discount is significant when compared to soft synergies of joint research and sales.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "386b2426-7904-477a-87e4-8f01eb2453d2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Peer multiples are pension adjusted. See Appendix for Assumptions; Source: Bloomberg, company filings, and RI Assumptions.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0cf0e27f-cdfa-4140-82dc-61b0fa15dc89",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.88,
        "x": 0.06,
        "y": 0.12
      },
      "kind": "table",
      "text": "Historical revenue and EBITDA for Bearings and Steel segments (2006A-2013E)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e0f352d0-fdde-4519-b2cd-3621fc575682",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.24,
        "x": 0.38,
        "y": 0.61
      },
      "kind": "table",
      "text": "Equity value bridge calculation",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4ed60d67-0ef0-408b-a80d-6f029ec8fa01",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.48,
        "x": 0.26,
        "y": 0.47
      },
      "kind": "table",
      "text": "EV/EBITDA Valuation table for Bearings and Steel",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f030808c-d0ae-4d5a-b3ed-7d331d4d1ab2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.04
      },
      "kind": "title",
      "text": "29% Upside Remains from Separation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fa764298-df75-4905-8662-b3482d386a54",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "breakup-spinoff",
      "slug": null,
      "matchId": "36c9227d-4c3f-475c-a97f-17d865d6a30a",
      "evidence": "The slide argues for a separation of business units to unlock valuation upside.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 7,
      "beatId": "a260b5ae-5efe-4e94-b2d6-a588af75d8ac",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The presentation agitates the problem by highlighting the volatility and valuation discount created by the combined structure.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 13,
      "from": 10,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "9b873eb1-b642-4d14-9f94-936cd3584b5a",
      "evidence": "The presentation uses data to show that the steel business adds volatility to Timken's margins.",
      "position": 0,
      "objective": "To show that the steel business adds volatility to Timken's margins",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.7,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}