{
  "docId": "019dd923-622c-750b-8b98-7f30b1d3db0f",
  "docSlug": "04cdac207807",
  "documentTitle": "Henry Schein, Inc. (HSIC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-09-26 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 35,
  "pageCount": 40,
  "prevPage": 34,
  "nextPage": 36,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "The chart uses a blue horizontal line to represent the long-term average multiple of 13.4854x.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-7f30b1d3db0f/35",
  "deckHref": "/decks/019dd923-622c-750b-8b98-7f30b1d3db0f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-7f30b1d3db0f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-7f30b1d3db0f#slide-35",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.18,
        "x": 0.8,
        "y": 0.55
      },
      "kind": "callout",
      "text": "We apply a discounted multiple for our base case to the remaining HSIC business",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cf55eb0d-38e8-4bd7-a503-05beaf7ad82b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We take a conservative view in valuing the remaining HSIC dental business at a discount to its historical EV / Est. EBITDA close to 13x",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ea-711e-a3e3-9d801c5bdc18",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.75,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "chart",
      "text": "HSIC's Seven Year Historical EV / Est. EBITDA",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2d74f3e4-555d-4194-a6da-30eeeaef521e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV / Est. EBITDA: 13.485x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ea-711e-a3e3-a0d232335749",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.195
      },
      "kind": "paragraph",
      "text": "We take a conservative view in valuing the remaining HSIC dental business at a discount to its historical EV / Est. EBITDA close to 13x",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7c931872-00f5-40e0-8a95-02fbfb677fe3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.05,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "Source: Bloomberg",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "677019d8-d7bf-4633-a98e-32026c88b5e4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.32,
        "x": 0.34,
        "y": 0.05
      },
      "kind": "title",
      "text": "Historical Valuation of HSIC",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9319e9bb-959a-49a3-969f-c91e43d805bf",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation-bridge",
      "slug": null,
      "matchId": "e6d3c6d2-95d6-4b49-869a-ffbc57ae5a4a",
      "evidence": "The slide uses historical multiples to justify a discounted valuation for a base case.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 16,
      "beatId": "c70b1907-ab35-4f34-8825-342f2f0928a1",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document provides a solution through the spin-off and merger, highlighting the growth potential and upside opportunity for HSIC shareholders.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}