{
  "docId": "019dd923-622c-750b-8b98-9d969fe4e5f7",
  "docSlug": "cd566ab57f86",
  "documentTitle": "Aerojet Rocketdyne Holdings, Inc. (AJRD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-04-09 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 56,
  "pageCount": 57,
  "prevPage": 55,
  "nextPage": 57,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 36,
  "notes": "Includes detailed footnotes regarding real estate assets and liability adjustments.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-9d969fe4e5f7/56",
  "deckHref": "/decks/019dd923-622c-750b-8b98-9d969fe4e5f7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-9d969fe4e5f7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9d969fe4e5f7#slide-56",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Given our concerns about the reliability of Aerojet’s Adjusted EBITDAP, we believe the most conservative way to value the Company is on its revenues, which we can estimate with insights from the defense budget and current rocket programs.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b332-5c4476fa132a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.94,
        "x": 0.03,
        "y": 0.83
      },
      "kind": "list",
      "text": "1. In 2015, AJRD sold 700 acres of land for $57m... 2. Includes the following adjustments: a) Env't liabilities... b) Unfunded pension... c) PV of operating leases... d) PV of postretirement benefits... e) PV of capex requirements...",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8d338e9c-df4b-4b2b-9290-7bc4d198228c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Price Target: $13-$20",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b332-6048bddb9ae6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.94,
        "x": 0.03,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Given our concerns about the reliability of Aerojet’s Adjusted EBITDAP, we believe the most conservative way to value the Company is on its revenues, which we can estimate with insights from the defense budget and current rocket programs.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3b8bf00e-7fba-4936-99da-b53e1922dc98",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.94,
        "x": 0.03,
        "y": 0.27
      },
      "kind": "table",
      "text": "Valuation table showing Sales Multiple and Multiple of EBITDAP scenarios",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c7d39616-36d8-43bf-92bc-03fddac7cbb6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.68,
        "x": 0.29,
        "y": 0.05
      },
      "kind": "title",
      "text": "Spruce Point Estimates 40% – 60% Downside",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88b060f2-fed2-4339-aa4e-ac05fd615dec",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation-bridge",
      "slug": null,
      "matchId": "cda5dffd-c9b3-4d11-84bf-d443ca6a142b",
      "evidence": "The table explicitly bridges from multiple-based enterprise value to equity price target via cash, real estate, and liabilities.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 57,
      "from": 41,
      "beatId": "a1453c5b-aabf-4b66-ad63-b9f8d5065052",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The deck concludes with a strong sell recommendation and a detailed valuation analysis, presenting a 'victory' for investors who take action",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 56,
      "from": 46,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "3dfbf3e0-cb40-43ce-8e4b-a2b506819833",
      "evidence": "The deck emphasizes the potential downside risk for investors who do not take action",
      "position": 1,
      "objective": "The cost of inaction: potential 40-60% downside risk",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}