{
  "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": 70,
  "pageCount": 81,
  "prevPage": 69,
  "nextPage": 71,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "Uses Bloomberg terminal chart style to highlight valuation divergence.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-4706c419301b/70",
  "deckHref": "/decks/019dd923-622c-750b-8b99-4706c419301b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4706c419301b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4706c419301b#slide-70",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.85,
        "x": 0.1,
        "y": 0.17
      },
      "kind": "callout",
      "text": "BR has experienced multiple expansion over the past few years, while the evidence shows its cash flow has deteriorated, it has a shrinking ecosystem and greater customer concentration, has failed to deliver on the UBS project in a timely manner, and may be under increasing regulatory scrutiny from the SEC.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "edd5714f-21e1-41cb-914b-566c6beff144",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.53,
        "w": 0.38,
        "x": 0.11,
        "y": 0.37
      },
      "kind": "chart",
      "text": "EV / NTM EBITDA",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0ec5e66b-a73f-4d57-b971-a413fc68efa0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.53,
        "w": 0.38,
        "x": 0.55,
        "y": 0.37
      },
      "kind": "chart",
      "text": "EV / NTM Sales",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4fa27fd8-b22a-4f4f-995e-11369204065a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV/NTM EBITDA: 16.86",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2040-777a-854f-d698da7db604",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Bloomberg",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "75d9eecd-dbfa-4272-a832-bf3b3dcc76d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Hard To Explain Multiple Expansion While BR's Business Is Under Greater Pressure",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "63141aae-fe11-493b-ade8-a216da50e039",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "af4c9c28-c4e5-41c3-a780-f6805733b7b1",
      "evidence": "Contrasts market valuation (multiple expansion) with internal business deterioration.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 73,
      "from": 65,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "d6b56849-a89e-44d1-a3e2-8ab5a919c707",
      "evidence": "The deck emphasizes the downside risk and potential consequences of not acting",
      "position": 1,
      "objective": "To highlight the cost of inaction for investors",
      "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
}