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  "docSlug": "4cc7dff78d8c",
  "documentTitle": "Dye & Durham Limited (DND)",
  "authorId": "27_Engine_Capital",
  "authorName": "Arnaud Ajdler",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-12-01 00:00:00",
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  "pageNumber": 84,
  "pageCount": 112,
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  "slideType": "peer_gap",
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  "density": "dense",
  "nDataPoints": 30,
  "notes": "The slide highlights a discrepancy between DND's financial scale and the scale of its chosen compensation peers.",
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      "text": "The peer group has an average revenue close to 2.5x the revenue of DND.",
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      "text": "Company filings; 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 that it will pursue Board changes at the Annual Meeting. 1 Management Information Circular Peers include: Descartes Systems Group, Topicus.com, Kinaxis, Blackberry, TELUS International (Cda) Inc., Altus Group, Enghouse Systems, Converge Technology, Softchoice. Excludes Nuvei since acquired",
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      "text": "The Board and its Compensation Committee - led by Mr. Prittie - are using a peer group that is not appropriate. DND's revenue is below the median revenue of the peer group and well below the average revenue of the peer group. The peer group has an average revenue close to 2.5x the revenue of DND. Engine believes it is also appropriate to look at DND's market cap compared to peer group. On that front, DND is well below the peer group used by the Board. The average market cap of the peer group is 4x the value of DND.",
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      "text": "LTM Revenue: 2.5x",
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      "kind": "table",
      "text": "DND's Chosen Peer Group (Per Management Information Circular) table with revenue and market cap data.",
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      "kind": "title",
      "text": "The Board Uses a Peer Group That Is Inappropriate to Develop its Compensation Framework",
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