{
  "docId": "019dd923-622c-750b-8b95-a87005b884b8",
  "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",
  "aspectRatio": 1.7778431,
  "pageNumber": 13,
  "pageCount": 112,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 9,
  "notes": "The chart uses negative percentages to highlight value destruction relative to benchmarks.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bar_chart_grouped",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b95-a87005b884b8/13",
  "deckHref": "/decks/019dd923-622c-750b-8b95-a87005b884b8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-a87005b884b8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-a87005b884b8#slide-13",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "DND is a high-quality business with competitive products and cash flows of a similar quality to peers. However, it has significantly underperformed its benchmark indices and self-selected peer group over all relevant time horizons",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0396-73da-b8fb-b068f8ba08f3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.6,
        "x": 0.25,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Grouped bar chart showing TSR performance vs TSX, NASDAQ, and Peers",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50803ad4-a593-4edd-b4d5-2604343a49ab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Shareholder Return: (98.4%)",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0396-73da-b8fb-b6442bd9a006",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "DND is a high-quality business with competitive products and cash flows of a similar quality to peers. However, it has significantly underperformed its benchmark indices and self-selected peer group over all relevant time horizons",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d67c4221-7039-4b4c-980c-8bbf80429afd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.12,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Capital IQ as of 10/15/2024; 10/15/2024 represents unaffected share price prior to Engine Capital's 10/16/2024 press release stating it will pursue Board changes at the Annual Meeting. IPO utilizes share price at close of the first trading day, on 07/17/2020, of $14.80 per share. Company Defined Peers are Topicus.com, PEXA Group, Descartes Systems Group, Altus Group, Thomson Reuters, Constellation Software, RELX PLC, Wolters Kluwer, Enghouse Systems, Open Text, Real Matters, Information Services.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e810128b-73b2-463a-bedf-0bdbbecbb439",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "The Board Has Overseen Significant Value Destruction",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df106c33-9642-45cf-b7b9-6f883996c642",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison-frame",
      "slug": null,
      "matchId": "d08d5bde-21fe-4a01-9f1c-db698efd833e",
      "evidence": "Comparing DND performance against benchmarks and peers",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 1,
      "beatId": "eb405c70-093e-4aec-a947-082a3c63c5f6",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Board's failures",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The deck presents a detailed critique of the Board's failures and value destruction.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 15,
      "from": 10,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "57ff7389-1f1c-4678-a7d3-0f8da7cdfc4f",
      "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",
      "confidence": 0.7,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}