{
  "docId": "019dd923-622b-71dc-a6dd-6dd6e7ce8a5d",
  "docSlug": "cf721953f722",
  "documentTitle": "Kao Corporation (4452.JP)",
  "authorId": "25_Oasis_Management",
  "authorName": "Oasis",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 52,
  "pageCount": 96,
  "prevPage": 51,
  "nextPage": 53,
  "slideType": "market_sizing",
  "function": "quantify_opportunity",
  "density": "dense",
  "nDataPoints": 18,
  "notes": "Oasis Management activist deck slide regarding Kao Corporation.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "paragraph",
    "line_chart",
    "scatter_plot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-6dd6e7ce8a5d/52",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-6dd6e7ce8a5d",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-6dd6e7ce8a5d.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-6dd6e7ce8a5d#slide-52",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "過去のバリュエーション推移を鑑みると、スキンケア・化粧品企業は純粋なFMCG企業と比較してEV/EBITDA倍率が約2.5ポイント高い水準で取引されてきました。",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f3e-76f7-b9da-b5326d92c970",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.52,
        "y": 0.18
      },
      "kind": "chart",
      "text": "EBITDAマージン推移",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6002cc12-c46b-43a5-ba10-6a268d8214e8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.45,
        "x": 0.52,
        "y": 0.55
      },
      "kind": "chart",
      "text": "PER対売上成長率の回帰分析",
      "attrs": null,
      "subkind": "scatter",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4041ac26-50d5-46ce-af88-8994b053e700",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA margin: 27.4%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f3e-76f7-b9da-b832aba8086d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.45,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "paragraph",
      "text": "ダーマ化粧品市場は次の可能性を提供します：(1) 高い利益率... (2) 高い株価バリュエーション...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "033e5655-4835-46ee-9a90-7e86b07d743e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "出典：モルガンスタンレー / ブルームバーグ",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82671090-2ee2-4c8d-abcc-86ac24ba3f0e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.05,
        "y": 0.13
      },
      "kind": "title",
      "text": "ダーマ化粧品市場の展望は明るい",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "000f7726-d4e0-4db2-9ce2-1ed36ddaef0e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "1. 潜在的な成長：キュレル、フリープラス",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "21029169-d63b-43d0-be2b-dd5d68d62b8c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "analytical-method",
      "slug": null,
      "matchId": "161264c8-8c9f-4c7a-9e50-a806c7e7ce50",
      "evidence": "Regression analysis used to correlate organic growth with valuation multiples.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 96,
      "from": 49,
      "beatId": "b2f59b4f-2bbe-4e4b-b640-3f702b1f3e19",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The deck proposes solutions, including a focus on growth, marketing reform, and a more diverse leadership team.",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 60,
      "from": 50,
      "name": "Jobs To Be Done",
      "slug": "53-jobs-to-be-done",
      "bestFor": "Product innovation, market entry, competitive positioning",
      "matchId": "e0133f59-1a57-4399-9dd5-d3e15c73c108",
      "evidence": "The deck identifies several growth opportunities, including the dermacosmetics market.",
      "position": 1,
      "objective": "What are the key growth opportunities for Kao?",
      "structure": "The Customer's Job -> Current Solutions (Hired/Fired) -> Unmet Needs -> Our Solution Fit",
      "confidence": 0.8,
      "description": "Reframe the problem around what the customer is trying to accomplish, not what they're buying"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}