{
  "docId": "019dd923-622b-71dc-a6dd-bca6057ac775",
  "docSlug": "239b4bdd7d55",
  "documentTitle": "Six Flags Entertainment Corp. (SIX)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Land & Buildings",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-12-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 12,
  "pageCount": 38,
  "prevPage": 11,
  "nextPage": 13,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a dual-chart approach to show the disconnect between historical valuation averages and current depressed EBITDA estimates.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "line_chart",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-bca6057ac775/12",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-bca6057ac775",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-bca6057ac775.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-bca6057ac775#slide-12",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Every 1-turn change in EBITDA multiple is ~30% upside to equity value",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee3c-76df-964a-f9ba930c7596",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.45,
        "x": 0.52,
        "y": 0.45
      },
      "kind": "chart",
      "text": "EBITDA Estimates Have Tumbled Following Strategy Shift",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c20c5d87-0dd0-4266-a8e4-aba12b60b6ae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.45,
        "x": 0.05,
        "y": 0.45
      },
      "kind": "chart",
      "text": "SIX EV/EBITDA Multiple Hovering at All-Time Lows",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f60bb206-13e0-4051-b903-1fa9351e2ce5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.22
      },
      "kind": "list",
      "text": "SIX stock has been doubly punished; New CEO's strategy change has depressed near-term EBITDA; SIX's multiple has compressed meaningfully; SIX EV/EBITDA multiple of 8x compares to experiential gaming net lease REIT multiples of 15x – 17x; Every 1-turn change in EBITDA multiple is ~30% upside to equity value",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "044124fc-01b4-46b2-8c7e-5f2dfe83fffb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV/EBITDA multiple: 8x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee3c-76df-964a-fcd1130c101c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Bloomberg, KeyBanc, Land & Buildings estimates; Note: Data through 12/16/22",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "68e1cad5-41ba-42a0-be6e-1c0dfef35e1c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "title",
      "text": "CURRENT MULTIPLE APPEARS TO ASSUME PERMANENT IMPAIRMENT TO FUNDAMENTALS",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7012e9cd-c61f-4ac9-bd0c-ce01d8a9429e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.5,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "TROUGH VALUATION ON DEPRESSED EBITDA",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ed36b3f1-381f-4ae3-8860-ba2f51b0d70b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation-bridge",
      "slug": null,
      "matchId": "cbcd0680-f3c1-4bd8-81a2-10a328c9d83a",
      "evidence": "The slide explicitly links EBITDA multiple expansion to equity value upside.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}