{
  "docId": "019dd923-622b-71dc-a6dc-b84a0572e500",
  "docSlug": "e8b986ed5b81",
  "documentTitle": "Norfolk Southern Corporation (NSC)",
  "authorId": "21_Ancora",
  "authorName": "Move NSC Forward",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-04-15 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 31,
  "pageCount": 193,
  "prevPage": 30,
  "nextPage": 32,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 21,
  "notes": "The slide uses a combination of a table for historical growth and a bar chart for forward-looking margin estimates to argue for leadership failure.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "comparison_table",
    "bar_chart_grouped",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-b84a0572e500/31",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-b84a0572e500",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-b84a0572e500.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-b84a0572e500#slide-31",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.3,
        "x": 0.65,
        "y": 0.25
      },
      "kind": "callout",
      "text": "Street estimates show margin gap persisting at NSC through 2026.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb76c9f9-c043-4201-bdd3-6834579ac431",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.5,
        "x": 0.45,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Operating Ratio projections 2023A-2026E for NSC, CSX, and Class I Average.",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "38e1923d-d533-4864-99bd-d965f1530109",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "disclaimer",
      "text": "Company filings and FactSet. Class I Average includes CSX, UNP, CP and CNI. CP excluded for historical data due to KSU acquisition. All historical OR figures reflect rail only OR. Street expectations for OR as of 2/11/2024.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5363399b-7732-422c-a107-8ad7d4a44619",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "list",
      "text": "Norfolk Southern had lower revenue, EBIT and EPS growth relative to CSX and the average Class I peer from 2019 to 2023.\nPrior to Ancora’s engagement becoming public, Wall Street expectations through 2026 anticipated a similar trajectory going forward.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c5aba55c-d0d4-4798-bcda-5b70ff17984f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "operating ratio: 63.5%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5374-767b-b3cc-f9ad2db56cd9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.4,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "table",
      "text": "Historical CAGR (2019 - 2023) for Revenue, EBIT, EPS comparing NSC, CSX, and Class I Average.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c358d3c1-3eb1-40a1-b4a6-aae185c8dcca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.85
      },
      "kind": "title",
      "text": "Analysts have shown no confidence in current Company leadership’s ability to close the margin gap to peers.",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b96fca98-8f39-4105-85af-c412bf97ee69",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.85,
        "x": 0.05,
        "y": 0.03
      },
      "kind": "title",
      "text": "Norfolk Southern Has Underperformed Peers Across All Relevant Financial Metrics",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cc0fef6d-40a9-4549-9597-bb97c7196739",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "ab6979fc-a0e5-4e50-90e5-c68565242a81",
      "evidence": "Direct comparison of financial metrics between target company and peer group.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 43,
      "from": 13,
      "beatId": "fc579008-c4ab-4521-9873-728d59d3ba65",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problem by highlighting the consequences of inaction and the failures of the current leadership.",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}