{
  "docId": "019dd923-622c-750b-8b9c-46c6f3442328",
  "docSlug": "40d81d79afe5",
  "documentTitle": "American Capital, Ltd. (ACAS)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-11-16 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 31,
  "pageCount": 34,
  "prevPage": 30,
  "nextPage": 32,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 30,
  "notes": "Includes a detailed valuation table comparing Low, Mid, and High cases.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "valuation_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-46c6f3442328/31",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-46c6f3442328",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-46c6f3442328.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-46c6f3442328#slide-31",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.88,
        "x": 0.06,
        "y": 0.75
      },
      "kind": "callout",
      "text": "Shareholders should vote “AGAINST” to stop Management from continuing the value destruction and to set a path to unlock value by engaging in a full diagnostic and review of ACAS' assets",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f50127d3-93a2-4194-a9a3-4f23fa68ff10",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.38,
        "x": 0.08,
        "y": 0.35
      },
      "kind": "chart",
      "text": "ACAS Stock Price versus Diluted NAV and Elliott High Case",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "02586c4a-bed6-4b82-b292-1dba87705e4c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Upside: 63%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6c7-14b92d735071",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.88,
        "x": 0.06,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "There is considerable unlocked value at ACAS that is achievable only by voting “AGAINST” the Spin-Out Proposal and undergoing a full review of the assets.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "23335a60-78ac-4a14-bc1a-13ca113a922c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.88,
        "x": 0.06,
        "y": 0.83
      },
      "kind": "source-note",
      "text": "Elliott estimates based on publicly available information. In all scenarios Elliott assumes ACAS sells $2 billion in senior loans...",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4660f6bd-1feb-420b-a360-f3baa9c5f1ca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.45,
        "x": 0.46,
        "y": 0.35
      },
      "kind": "table",
      "text": "Valuation scenarios for Elliott Low, Mid, and High cases",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df82fdbd-6967-46fe-9278-05f743e4bb12",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.11,
        "y": 0.07
      },
      "kind": "title",
      "text": "Significant Unrealized Value Potential Valuation Upside",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4cadc0f5-71a2-46d1-b803-637fba4e63c7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation-bridge",
      "slug": null,
      "matchId": "6fc95601-e900-4c1e-b357-068536c88646",
      "evidence": "Comparison of current price to intrinsic value drivers",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 34,
      "from": 25,
      "beatId": "a569e994-8b7a-449c-9eae-a4442d09c304",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "Elliott's solution is presented as a superior plan",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    },
    {
      "to": 34,
      "from": 30,
      "beatId": "2770f6fe-6a0a-4357-9d95-3e06228392b8",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Satisfaction",
      "beatSlug": "monroes-sequence-satisfaction",
      "evidence": "Satisfaction is offered through Elliott's solution",
      "position": 5,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 34,
      "from": 25,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "63ffacef-8a8d-43ed-9f56-613e776b5027",
      "evidence": "The cost of inaction is implied through Elliott's solution",
      "position": 3,
      "objective": "What is the cost of not adopting Elliott's plan?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}