{
  "docId": "019dd923-622b-71dc-a6dd-2ff9692ec362",
  "docSlug": "60ffa56ad868",
  "documentTitle": "Rio Tinto (RIO)",
  "authorId": "24_Palliser_Capital",
  "authorName": "Palliser",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-12-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 12,
  "pageCount": 48,
  "prevPage": 11,
  "nextPage": 13,
  "slideType": "expose_contradiction",
  "function": "expose_gap",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "The slide uses a line chart to visualize a valuation gap caused by a dual-listed company (DLC) structure.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "line_chart",
    "infographic"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-2ff9692ec362/12",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-2ff9692ec362",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-2ff9692ec362.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-2ff9692ec362#slide-12",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "callout",
      "text": "The material share price disconnect between Plc and Ltd results in US$24 billion of unrealised value as a result of the DLC structure alone",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fcd7c16b-af30-4ced-8951-ffe0f6f0f8af",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.75,
        "x": 0.04,
        "y": 0.26
      },
      "kind": "chart",
      "text": "Plc Discount vs. Ltd (Last 10 Years)",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fade190f-a492-4e10-944a-0543ec8fd778",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Plc Discount vs. Ltd: US$24bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0934-771a-b795-c4fb3a076d2c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.15,
        "x": 0.82,
        "y": 0.45
      },
      "kind": "other",
      "text": "US$24bn Value Gap",
      "attrs": null,
      "subkind": "unclassified",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d05bfd0f-7d6d-4012-b2b0-3c4469f014c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.92,
        "x": 0.04,
        "y": 0.83
      },
      "kind": "paragraph",
      "text": "Share classes of Ltd and Plc are not fungible nor convertible into one another",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59b7dec5-bb71-4577-8824-1afa8c5c1281",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Bloomberg as of 29-Nov-2024",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5f689af9-05bf-4634-8173-0e69132da939",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "...And Suffers Long-Standing Share Price Distortion",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "de34de1e-9839-48b0-9738-69a4a783186f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "d923f9f8-8dff-464a-bcde-56dbfba0bb62",
      "evidence": "The slide highlights a structural distortion causing a massive value gap.",
      "confidence": 0.7
    }
  ],
  "arcBeats": [
    {
      "to": 12,
      "from": 8,
      "beatId": "58e6ce06-3449-4c48-971a-a2f2abfcc433",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem (Identify pain)",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The presentation identifies the problem of Rio Tinto's complex DLC structure and its negative consequences, including undervaluation and wasted franking credits.",
      "position": 0,
      "confidence": 0.9,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 12,
      "from": 8,
      "name": "Tale Two Worlds",
      "slug": "04-tale-two-worlds",
      "bestFor": "Competitive analysis, benchmarking, case for change",
      "matchId": "639d50a7-a969-4325-bd20-e60bbada3394",
      "evidence": "The presentation sets up a contrast between Rio Tinto's current situation and a potential future with unification.",
      "position": 0,
      "objective": "What is the current situation with Rio Tinto's DLC structure?",
      "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication",
      "confidence": 0.8,
      "description": "Show the gap between two states to drive urgency or highlight opportunity"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}