{
  "docId": "019dd923-622b-71dc-a6dd-256464d6609c",
  "docSlug": "2723e45b96d8",
  "documentTitle": "Keisei Electric Railway (9009)",
  "authorId": "24_Palliser_Capital",
  "authorName": "Palliser",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-04-23 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.414603,
  "pageNumber": 11,
  "pageCount": 55,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "The chart uses a shaded area to represent the valuation gap, with a specific callout for the US$3.0bn current gap.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "area_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-256464d6609c/11",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-256464d6609c",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-256464d6609c.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-256464d6609c#slide-11",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.88,
        "x": 0.06,
        "y": 0.15
      },
      "kind": "callout",
      "text": "This value gap between Keisei’s market and intrinsic value has grown over time and currently stands at US$3.0bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c5ccf96-7ee5-4bda-b4e1-7dc62cca80a2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.88,
        "x": 0.06,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Keisei's Market Cap vs. Keisei's Intrinsic Value",
      "attrs": null,
      "subkind": "area",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "30234246-ffe6-4247-8c55-c7781a6d9d83",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "valuation gap: US$3.0bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee3d-779f-824a-0fcd3a3ef683",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.88,
        "x": 0.06,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Company disclosures, Bloomberg. Market data as of 18 April 2025. Note: For illustrative purposes. Intrinsic value is calculated by excluding the current recorded book value of the OLC stake from Keisei's book value and applying peer multiple on the residual Keisei book value, and adding mark-to-market value of the OLC stake net of CGT to Keisei's book value. Peers: Keio, Odakyu, Tokyu, Tobu, Keikyu and Seibu.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "81fe855e-cf16-4788-b458-4f0701a49ef6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.06,
        "y": 0.04
      },
      "kind": "title",
      "text": "...trading at a significant and persistent discount to its intrinsic value ...",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9d03474d-6a2b-43f8-8ce4-1199b2cc4b5d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation-gap-analysis",
      "slug": null,
      "matchId": "aa79844e-7598-48d0-8880-e36fe23538ab",
      "evidence": "Visual comparison of market cap vs intrinsic value over time",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 27,
      "from": 6,
      "beatId": "e6f87b11-5c8c-4da0-b2a0-6319849fb852",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The deck agitates the problems, highlighting the consequences of inaction and poor governance",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 35,
      "from": 10,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "f0940240-d9b8-41ff-9bcc-f5c4d2ba5d00",
      "evidence": "The deck highlights the consequences of inaction, including persistent underperformance and undervaluation",
      "position": 0,
      "objective": "To highlight the cost of inaction and motivate investors and board to take urgent action",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}