{
  "docId": "019dd923-622c-750b-8b98-a6a0f8168eeb",
  "docSlug": "e4e33ebca0cb",
  "documentTitle": "A.O. Smith Corporation (AOS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-05-16 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 18,
  "pageCount": 20,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 18,
  "notes": "The slide uses a table to highlight a disconnect between analyst optimism and their lack of local market intelligence.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-a6a0f8168eeb/18",
  "deckHref": "/decks/019dd923-622c-750b-8b98-a6a0f8168eeb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-a6a0f8168eeb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-a6a0f8168eeb#slide-18",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Ironically, AOS is covered by small regional U.S. stock brokers, many which do not have a physical presence in China. Thus, we believe their ability to have on the ground and up-to-date intelligence on the key aspect of AOS’s China business may be limited. It does not appear that analysts have come to grips with the broken nature of the China business, and many hold out hope for 20% upside in the stock.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5372-7340-8f9a-34255efb733d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Price Target: $58.50",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5372-7340-8f9a-3903a3e09254",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Ironically, AOS is covered by small regional U.S. stock brokers, many which do not have a physical presence in China. Thus, we believe their ability to have on the ground and up-to-date intelligence on the key aspect of AOS's China business may be limited. It does not appear that analysts have come to grips with the broken nature of the China business, and many hold out hope for 20% upside in the stock.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c07c7ede-3760-49b8-b739-e76affc9d48f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.05,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "1) Upside based on $28.10 share price\nSource: Bloomberg",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d30a001c-0b96-48f0-9d95-f394cdade004",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.9,
        "x": 0.05,
        "y": 0.33
      },
      "kind": "table",
      "text": "Analyst, China Presence?, Recommendation, Price Target. Northcoast Research, NO, Buy, $61. D.A. Davidson, NO, Buy, $61. Baird, YES, Outperform, $60. Keybanc, NO, Overweight, $60. Stephens, NO, Equalweight, $56. BMO, YES, Market Perform, $53.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f727ff2-6d66-4587-b6da-155016b2a4a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.33,
        "y": 0.05
      },
      "kind": "title",
      "text": "How Well Do Analysts Understand AOS's China Business?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f08ddb23-ff4b-45ed-b1c3-9ecb43e87a88",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "f49ca2dc-7fe4-4094-818d-44cfb918927a",
      "evidence": "The slide explicitly contrasts analyst 'Buy' ratings with their lack of 'China Presence' to argue they are misinformed.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 17,
      "beatId": "afee473d-e429-4ce6-a607-d9473c5b3c81",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Valuation Table",
      "beatSlug": null,
      "evidence": "The document presents valuation tables to support the short opportunity",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}