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  "docSlug": "4cc7dff78d8c",
  "documentTitle": "Dye & Durham Limited (DND)",
  "authorId": "27_Engine_Capital",
  "authorName": "Arnaud Ajdler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-12-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 11,
  "pageCount": 112,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "dense",
  "nDataPoints": 7,
  "notes": "Uses a waterfall chart to show the gap to the $1B target and a bar chart to show acquisition multiple discrepancies.",
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  "slideHref": "/slides/019dd923-622c-750b-8b95-a87005b884b8/11",
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  "components": [
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      "kind": "callout",
      "text": "The fact that $283 million in EBITDA is required to reach $1 billion shows leadership's state of mind",
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        "w": 0.45,
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      "kind": "chart",
      "text": "DND Has Done Significant M&A – But Has Yet to Create Value",
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      "kind": "chart",
      "text": "Myopic Focus on Hitting an Arbitrary $1 Billion EBITDA Target",
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      "subkind": "waterfall-bridge",
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      "kind": "list",
      "text": "Flawed Strategy: DND's goal to grow EBITDA to an arbitrary $1 billion has led to excessive M&A and risk-taking.\nValue-Destructive M&A: The Company has a history of overpaying for acquisitions and taking on excessive leverage.\nExcessive Capital Market Activity: Frantic pace of M&A and financings has led to ~$178 million of transaction-related costs, representing close to 20% of DND's market cap.\nPoor Timing of Equity Issuances and Repurchases: The Board has followed up share repurchases at higher prices with a dilutive equity offering at lower prices.",
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    {
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      "kind": "metric",
      "text": "EBITDA: $1 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
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      "componentId": "019dd953-0396-73da-b8fa-bb5d5d82c443",
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        "x": 0.12,
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      "kind": "source-note",
      "text": "1 Fees defined as acquisition, restructuring and other costs related to professional fees and integration costs incurred in connection with acquisition, divesture, listing and reorganization-related expenses per Company disclosures.",
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      "kind": "title",
      "text": "The Board Has Failed to Appropriately Allocate Capital and Set a Coherent Strategy",
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  "metrics": [],
  "tools": [
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      "evidence": "Critique of M&A, leverage, and equity issuance/repurchase timing.",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Board's failures",
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      "evidence": "The deck presents a detailed critique of the Board's failures and value destruction.",
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      "evidence": "The deck creates an 'aha' moment by highlighting the Board's contradictions and failures.",
      "position": 0,
      "objective": "Why the current Board must be replaced",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
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      "description": "Establish a tension, present data, then deliver the insight that changes everything"
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