{
  "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": 5,
  "pageCount": 42,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "thesis_headline",
  "function": "frame_situation",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-5ce2b4a778c9/5",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-5ce2b4a778c9",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-5ce2b4a778c9.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-5ce2b4a778c9#slide-5",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Clear path to remove share price discount by separating the Steel business to allow the market to independently value Timken's Bearings and Steel businesses",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5372-7340-8f8f-e203abcbf532",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.55
      },
      "kind": "list",
      "text": "Successful transformation of Bearings business, which now generates high returns and significant cash flows",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "27bfcf35-8523-484c-af4b-fa58579533ce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "list",
      "text": "Clear path to remove share price discount by separating the Steel business to allow the market to independently value Timken’s Bearings and Steel businesses",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "64b37755-3070-415e-a891-2c7f9263b0f4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "list",
      "text": "Timken’s share price does not reflect the indicated trading values of the Company’s Bearings and Steel businesses",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b64e5765-34be-4dd2-9c84-39a91a8e81b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.7
      },
      "kind": "list",
      "text": "Steel business is specialized and has superior financial characteristics with upside opportunities",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f02c7f2a-fb75-43df-9d65-8d71f1704ace",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.15,
        "y": 0.05
      },
      "kind": "title",
      "text": "Why Relational Invested in Timken",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ecd72edf-da33-49cd-b258-37cd0a97120b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Thesis archetype",
      "slug": "thesis-archetype",
      "agent": null,
      "layer": "slide",
      "matchId": "eb9983c0-41c9-4def-b903-93d708fe8d2f",
      "evidence": "Clear path to remove share price discount by separating the Steel business to allow the market to independently value Timken's Bearings and Steel businesses",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "breakup-spinoff",
      "slug": null,
      "matchId": "94120d8c-a935-4b7a-945b-59043307208f",
      "evidence": "The slide explicitly advocates for separating the Steel business to unlock value.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 6,
      "from": 1,
      "beatId": "956e8482-c275-44b4-b386-c0d2735f3808",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The presentation identifies the problem with the current structure of Timken's bearings and steel businesses.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}