{
  "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": 28,
  "pageCount": 42,
  "prevPage": 27,
  "nextPage": 29,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The slide uses a table to expose the contradiction in TKR's peer selection, specifically calling out companies that are commoditized or have different production methods.",
  "elementsJson": [
    "headline_text",
    "comparison_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-5ce2b4a778c9/28",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-5ce2b4a778c9",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-5ce2b4a778c9.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-5ce2b4a778c9#slide-28",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "NSK, NTN, JTEKT, U.S. Steel, and AK Steel are unsuitable peers for TKR. Although Altra and Kennametal are adequate peers, they are substantially less similar to TKR's bearings business than SKF, but their inclusion in a broader peer group does not alleviate TKR's trading discount.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5372-7340-8f92-519d4992d300",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.88
      },
      "kind": "paragraph",
      "text": "NSK, NTN, JTEKT, U.S. Steel, and AK Steel are unsuitable peers for TKR. Although Altra and Kennametal are adequate peers, they are substantially less similar to TKR's bearings business than SKF, but their inclusion in a broader peer group does not alleviate TKR's trading discount. See slide 29 for detail.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fa109421-9664-445a-a6be-2502be57a00b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.75,
        "w": 0.96,
        "x": 0.02,
        "y": 0.12
      },
      "kind": "table",
      "text": "Table comparing Name, RI Peer Group, TKR Peer Group, and Reason for Bearings and Steel sectors.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "98023a53-987e-4231-a5d8-656267f5bdc8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.2,
        "y": 0.02
      },
      "kind": "title",
      "text": "The Peer Group Timken Uses is Inappropriate",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f9c2d08-1ad3-4654-aa8f-dfeb70ab7af4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "peer-group-analysis",
      "slug": null,
      "matchId": "aaa0055c-04c2-4a98-8210-64bf7405b277",
      "evidence": "Comparison of company peer selection against a benchmark group to identify bias or inappropriate selection.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 38,
      "from": 21,
      "beatId": "f11e324a-6293-4a4c-a2c8-081fb41d758b",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The presentation provides a solution by separating the businesses and highlighting the benefits of doing so.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 33,
      "from": 28,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "97711556-89f8-4bdc-83e7-9450c547ec37",
      "evidence": "The presentation uses data to show that Timken's cash flow multiple calculation is misleading.",
      "position": 2,
      "objective": "To show that Timken's cash flow multiple calculation is misleading",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.7,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}