{
  "docId": "019dd923-622b-71dc-a6dc-7bd845ab8841",
  "docSlug": "33a0c0c3fecb",
  "documentTitle": "Airbus SE (AIR)",
  "authorId": "20_TCI_Fund",
  "authorName": "Christopher Hohn",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-02-20 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 2,
  "pageCount": 6,
  "prevPage": 1,
  "nextPage": 3,
  "slideType": "executive_summary",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "This is a shareholder letter from TCI Fund Management to Airbus.",
  "elementsJson": [
    "paragraph",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-7bd845ab8841/2",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-7bd845ab8841#slide-2",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The proposed transaction with Atos raises serious questions about Airbus' corporate governance",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd77-e1ac8eacf9ca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.8,
        "x": 0.1,
        "y": 0.88
      },
      "kind": "other",
      "text": "7 Clifford Street, London, W1S 2FT Telephone: +44 (0) 20 7440 2330",
      "attrs": null,
      "subkind": "unclassified",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "afb3fa41-958c-415a-85df-ef2de1b681fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.8,
        "x": 0.1,
        "y": 0.52
      },
      "kind": "paragraph",
      "text": "We are also concerned that the Airbus board has permitted this potential transaction to proceed... A much better use of Airbus' prodigious and rising cashflow would be to increase the dividend or to buy back the company's stock.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "388d68cf-2497-4537-9983-6b1733ad356b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.8,
        "x": 0.1,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "In contrast to Evidian, Airbus is one of the highest quality businesses in the world... The barriers to entry are huge and shareholders rightly value Airbus' dominant market position...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fb9ecf27-5019-4075-86b9-408a9877cdd0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“technological sovereignty in France” — Atos press release (16 February 2023)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd77-e470de95d05d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.8,
        "x": 0.1,
        "y": 0.14
      },
      "kind": "title",
      "text": "Airbus is a great business that demands management's full attention",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0cba676f-98ef-46b7-91ea-80f79eef881b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.8,
        "x": 0.1,
        "y": 0.48
      },
      "kind": "title",
      "text": "The proposed transaction with Atos raises serious questions about Airbus' corporate governance",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c5469074-b95a-4d1a-a2c5-780a63314231",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "e5ec66a1-52f8-4dd1-86a4-f61ccf5467c5",
      "evidence": "This slide presents a concise overview of the key concerns and recommendations regarding the proposed transaction between Airbus and Atos, making it an executive summary.",
      "confidence": 0.9
    },
    {
      "name": "Thesis archetype",
      "slug": "thesis-archetype",
      "agent": null,
      "layer": "slide",
      "matchId": "6c1c42bb-4ab1-4c7f-88b4-2808fa4d857f",
      "evidence": "The slide presents a clear argument against the Atos transaction, suggesting a thesis archetype.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "governance",
      "slug": null,
      "matchId": "e4136406-b53b-4b2e-b4c2-fb58ef1a9429",
      "evidence": "Critique of board decision-making and fiduciary duty regarding the Atos transaction.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}