{
  "docId": "019dd923-622b-71dc-a6dc-9da88dc3900b",
  "docSlug": "98567d100fd3",
  "documentTitle": "Forward Air Corporation (FWRD)",
  "authorId": "21_Ancora",
  "authorName": "Ancora Alternatives",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-10-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 11,
  "pageCount": 12,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "The chart uses a waterfall-bridge structure to show how the current share price of $73 reaches a base case of $142 through four distinct value-add steps.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "waterfall_chart",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-9da88dc3900b/11",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-9da88dc3900b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-9da88dc3900b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-9da88dc3900b#slide-11",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.04,
        "y": 0.79
      },
      "kind": "callout",
      "text": "Over the intermediate-term, with a revamped Board and c-suite, we believe Forward Air’s value creation opportunity is $140-$145 per share.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b08bf7ba-b1fa-4a0e-b70d-9474d6523430",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Over the intermediate-term, with a revamped Board and c-suite, we believe Forward Air's value creation opportunity is $140-$145 per share.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203c-716b-be7c-32c95ff7a7d8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.9,
        "x": 0.04,
        "y": 0.23
      },
      "kind": "chart",
      "text": "Forward Air Valuation Bridge",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a5cc9d6-9c34-4834-a366-e0709ed980ca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share price: $142",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-203c-716b-be7c-3626b4e72999",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.04,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "Ancora believes Forward Air’s shares can trade north of $100 over the next six months as shareholders vote down deal and then vote to replace the Board and management team at a Special Meeting.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f54e7ccf-751f-47d4-9117-9d965ebe02ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.04,
        "y": 0.86
      },
      "kind": "source-note",
      "text": "Source: Ancora. 1) Based on FWRD closing share price 10/16/2023. 2) Assumes delta between current share price and FWRD share price the day prior to Omni deal announcement ($110). 3) Assumes margin improvement opportunity of $50M. 4) Estimated total value creation from capital allocation opportunities. 5) Ancora estimate of Forward Air intrinsic value.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4c25ac84-f2d1-4879-8c8e-876995f9dbc5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.04,
        "y": 0.07
      },
      "kind": "title",
      "text": "Forward Air Value Creation Potential: $140-$145 Per Share",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df7af458-797f-49a2-a27c-adbcf2b011a3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall / value bridge",
      "slug": "waterfall-bridge",
      "agent": null,
      "layer": "slide",
      "matchId": "b71b4eb2-0fc1-4da4-afe8-e8c5d509e8a6",
      "evidence": "chart/waterfall-bridge: Forward Air Valuation Bridge",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "waterfall-bridge",
      "slug": null,
      "matchId": "56b52f02-13ef-46c3-84fa-976c14c01b45",
      "evidence": "The chart visually decomposes the share price increase into discrete components.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 11,
      "from": 10,
      "beatId": "3214d8cd-572c-4d63-9e42-5fc6e1292b99",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "The multiple levers to create shareholder value and the valuation reveal",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 11,
      "from": 10,
      "name": "Quick Win Big Bet",
      "slug": "47-quick-win-big-bet",
      "bestFor": "Transformation planning, 100-day plans, resource allocation",
      "matchId": "4db016af-e398-4ec7-8608-2ed69d3891d5",
      "evidence": "The demand list and valuation reveal sections present potential quick wins and big bets",
      "position": 1,
      "objective": "What are the quick wins and big bets for creating shareholder value?",
      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
      "confidence": 0.6,
      "description": "Separate initiatives into immediate wins and longer-term strategic bets"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}