{
  "docId": "019dd923-622c-750b-8b9b-58e9db6adeb1",
  "docSlug": "d8fcf9d6086e",
  "documentTitle": "Fortune Brands Home & Security (FBHS)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-10-18 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 13,
  "pageCount": 33,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "The slide uses a contrast-pairs framework to explain the divergence in segment performance.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "kpi_table",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-58e9db6adeb1/13",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-58e9db6adeb1",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-58e9db6adeb1.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-58e9db6adeb1#slide-13",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.8,
        "x": 0.1,
        "y": 0.22
      },
      "kind": "callout",
      "text": "The company's operating profit margin decline is primarily the result of comparatively weaker performance in the highly cyclical Cabinets and Windows/Doors segments...",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e0650cc1-4d46-4c35-bddc-cfd2d314bcd1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.4,
        "x": 0.5,
        "y": 0.55
      },
      "kind": "list",
      "text": "Leveraged to new home construction and big ticket remodeling; More fixed-cost model; Represents 55% of FBHS sales and ~20% of FBHS EBIT today; Currently at low capacity utilization rates; Explosive growth potential when housing markets recover",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "042ba2c5-747f-4d2f-bf4b-18b4a97f376c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.4,
        "x": 0.1,
        "y": 0.55
      },
      "kind": "list",
      "text": "Strong and stable replacement demand; Leveraged to \"low-ticket\" remodeling; More variable-cost model; Represents ~45% of FBHS sales and ~80% of FBHS EBIT today; Margins have held up nicely",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f428e287-9f13-4f9c-87fd-3644bfb27a6b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBIT: 21%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a615-29246be278bf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.1,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "(1) Excludes corporate costs",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97a5ded0-5e61-4104-bb55-f20fb75290fe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.4,
        "x": 0.5,
        "y": 0.36
      },
      "kind": "table",
      "text": "FBHS Segments Under Pressure: Cabinets (37% Rev, 13% EBIT), Windows/Doors (19% Rev, 8% EBIT). Total (55% Rev, 21% EBIT).",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4021cd58-17d0-4c0b-93d8-63e9d55dba98",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.4,
        "x": 0.1,
        "y": 0.36
      },
      "kind": "table",
      "text": "FBHS Segments Doing Well Today: Plumbing (29% Rev, 54% EBIT), Security and Storage (16% Rev, 25% EBIT). Total (45% Rev, 79% EBIT).",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db8b1b04-0608-4111-a9d8-455a8f5be930",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Segments: A Tale of Two Cities",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34e200b2-ad59-4a76-85f1-30472a3d5bf7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "contrast-pairs",
      "slug": null,
      "matchId": "173e9053-eed0-4ddf-9265-b9b40a0021c2",
      "evidence": "The slide explicitly contrasts two groups of segments across multiple dimensions (demand, cost, margin).",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}