{
  "docId": "019dd923-622c-750b-8b97-92c6b164e5b0",
  "docSlug": "b0d582a40bc2",
  "documentTitle": "Fairfax Financial Holdings Ltd. (FFH)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-02-08 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 65,
  "pageCount": 72,
  "prevPage": 64,
  "nextPage": 66,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-92c6b164e5b0/65",
  "deckHref": "/decks/019dd923-622c-750b-8b97-92c6b164e5b0",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-92c6b164e5b0.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-92c6b164e5b0#slide-65",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "To be conservative, we instead adjust to 3.0% of Post-Adoption Contract Assets, which is near the high end of the range of comps. This yields a $1.24 billion haircut to Book Value.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb33-7f3ffba1e18e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.1,
        "x": 0.875,
        "y": 0.035
      },
      "kind": "image",
      "text": "MUDDY WATERS RESEARCH",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8bbedfa0-4c25-4a3e-8f50-9de336c711af",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.04,
        "y": 0.18
      },
      "kind": "list",
      "text": "If we adjust the increase in book value to the top end of the P&C insurer range in the EY market update (3% increase), we would haircut Fairfax's Book Value by $2.0 billion.\nTo be conservative, we instead adjust to 3.0% of Post-Adoption Contract Assets, which is near the high end of the range of comps. This yields a $1.24 billion haircut to Book Value.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "831948ff-c737-42ca-b2c7-6ee7df24cd26",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Book Value Haircut: $1.24 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb33-806cfd5de67f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.085,
        "w": 0.313,
        "x": 0.343,
        "y": 0.475
      },
      "kind": "table",
      "text": "Adjust to 3% of Prior Equity 462.0 1,977.0\nAdjust to 3% of Contract Assets 1,197.0 1,242.0",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "107fd730-0c1e-47d1-a000-79904da76ed6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "Adjusting Fairfax's IFRS 17 Increase in Book Value",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "827d9404-fa61-40e8-ab8e-be57d1f5ae8e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 72,
      "from": 4,
      "beatId": "e9a96546-1054-431c-aa6b-9c2a5e0f1f43",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Repeatedly highlighting contradictions and discrepancies in Fairfax Financial's accounting and valuation practices",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}