{
  "docId": "019dd923-622c-750b-8b99-4706c419301b",
  "docSlug": "a2803989ab19",
  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-28 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 53,
  "pageCount": 81,
  "prevPage": 52,
  "nextPage": 54,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "Uses a red flag icon to signal a warning/contradiction.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-4706c419301b/53",
  "deckHref": "/decks/019dd923-622c-750b-8b99-4706c419301b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4706c419301b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4706c419301b#slide-53",
  "components": [
    {
      "bbox": {
        "h": 0.11,
        "w": 0.86,
        "x": 0.07,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Spruce Point believes BR's real serviceable addressable market may actually be lower than the $5 billion that Broadridge promotes because it includes financial institutions' in-house solutions which are likely to be sticky, entrenched and difficult for BR to replace.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a71aa85-81bf-4a00-bccf-e7b005b5c26c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Addressable Market: $5 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2040-777a-854e-466e4e505faa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "The combination of Itiviti's front office trading solutions with Broadridge's leading post-trade back-office capabilities will allow us to serve our clients' entire trade life cycle from origination to settlement, adding more than $5 billion to Broadridge's total addressable market, bringing our capital markets' TAM to more than $20 billion and Broadridge's TAM to more than $50 billion — Broadridge CEO. We estimate that Itiviti holds around 10% of the global market for third-party trading software applications and connectivity systems, which is worth over $2 billion (nearly $6 billion including financial institutions' in-house solutions). — Moody's Credit Analyst",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2040-777a-854e-41267359653e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.07,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "Source: Moody's Credit Opinion, April 9, 2021 and BR M&A Call, March 29, 2021",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a8750e6-6694-4864-a42c-8e7df042f87f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.86,
        "x": 0.07,
        "y": 0.312
      },
      "kind": "table",
      "text": "CEO Promotion vs. Credit Analyst Opinion",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "454cc78a-f9ae-45f3-a4ef-940733847121",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.31,
        "y": 0.05
      },
      "kind": "title",
      "text": "Evidence BR Inflated Itiviti's TAM",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "83a7b6e2-f96e-4c0a-85f2-b9f28948cb5c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "30dacc72-a494-45b4-b9c3-cc0dc0b2f5c2",
      "evidence": "Contrasts CEO statement with third-party analyst data to expose inflation.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}