{
  "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": 18,
  "pageCount": 33,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "The slide uses a visual comparison of two rounded rectangles to represent leverage ratios.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "big_number",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-58e9db6adeb1/18",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-58e9db6adeb1",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-58e9db6adeb1.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-58e9db6adeb1#slide-18",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.8,
        "x": 0.1,
        "y": 0.22
      },
      "kind": "callout",
      "text": "The Company has significantly less financial leverage than its peers allowing it to acquire smaller building products companies that are currently operating at trough levels of profitability",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a306abf5-cab5-45a4-affc-86182e30e9b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.25,
        "x": 0.665,
        "y": 0.505
      },
      "kind": "list",
      "text": "FBHS: $520mm of total debt, LTM EBITDA - Capex: $194mm, No liquidity concerns",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0dadfb9d-cb54-4e68-9f4f-ce541d9c47ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.135,
        "w": 0.215,
        "x": 0.435,
        "y": 0.605
      },
      "kind": "metric",
      "text": "1.8x",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4526f97b-cbc9-4d6f-93a3-b4efc048e51d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.215,
        "w": 0.215,
        "x": 0.192,
        "y": 0.438
      },
      "kind": "metric",
      "text": "~3.9x",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "69e169ec-b1aa-4aeb-bbe4-ec6f7a7d9b88",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Debt / EBITDA: 1.8x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a615-0045ee7ff59e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.75,
        "x": 0.12,
        "y": 0.875
      },
      "kind": "source-note",
      "text": "(1) Peer average based on Moody's. Peers include Armstrong, Lennox, Masco, Mohawk, Owens Corning, Stanley Black & Decker and Whirlpool. FBHS leverage based on 12/31/2010 pro forma metrics.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ce4e39a8-5c54-4495-9eee-e7f746d6d9bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.79,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Strong Balance Sheet Allows for Flexibility",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a8652116-ac22-425f-90a6-0c9b1102423c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Slide recipe: the peer-gap chart",
      "slug": "peer-gap-chart-recipe",
      "agent": "designer",
      "layer": "slide",
      "matchId": "3b373a48-ebed-4b0c-b62e-e9189bf3ffd1",
      "evidence": "The Company has significantly less financial leverage than its peers",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "ba877567-ff63-4540-9453-eda35ec4f3b9",
      "evidence": "Direct comparison of leverage ratios between company and peer group",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}