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  "documentTitle": "Dye & Durham Limited (DND)",
  "authorId": "27_Engine_Capital",
  "authorName": "Arnaud Ajdler",
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  "presentationDate": "2024-12-01 00:00:00",
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  "notes": "The slide uses a 'before-after' logic to contrast management's claims with actual data.",
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      "text": "Dye & Durham closed at $14.80 per share on its first trading day. This is the price that needs to be used when comparing performance with other publicly traded companies. Introducing the IPO discount in the measurement creates an apples-to-oranges comparison since the peers did not benefit from the IPO bump.",
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      "kind": "chart",
      "text": "D&D Share Performance Since IPO (July 17, 2020) chart showing 144% return.",
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      "kind": "list",
      "text": "DND misleadingly compares an affected share price versus its highly discounted IPO price of $7.50 per share and excludes dividends from all peer calculations. The Company also includes peers that were not yet public at the time of its IPO. When doing a proper comparison of DND's TSR from the close of 7/17/2020 versus the Company's defined peers and relevant benchmarks, the performance pales in comparison.",
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      "kind": "metric",
      "text": "Total Shareholder Return: 7.1%",
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      "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...",
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      "text": "Actual Total Shareholder Returns table comparing DND against peers and benchmarks.",
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      "kind": "title",
      "text": "Dye & Durham Is Attempting to Mislead Investors Regarding its Performance Since its 2020 IPO",
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