{
  "docId": "019dd923-622c-750b-8b9c-571191cc7adb",
  "docSlug": "48a8cbf2f1d7",
  "documentTitle": "Arconic Inc. (ARNC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-04-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 68,
  "pageCount": 336,
  "prevPage": 67,
  "nextPage": 69,
  "slideType": "valuation_table",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 8,
  "notes": "The slide uses a red dashed box to highlight the negative value destruction figures.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-571191cc7adb/68",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb#slide-68",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 1,
        "x": 0,
        "y": 0.86
      },
      "kind": "callout",
      "text": "Management deployed capital worth ~60% of the market cap. That investment is now worth <20% of the market cap",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88390630-314e-40c3-b543-9f09ff47729e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Value Destroyed: $4.2B",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0391-77f4-a9fa-775d994aacf0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.52,
        "y": 0.02
      },
      "kind": "paragraph",
      "text": "Using Arconic's weighted average cost of capital (WACC), management's $6.23 billion of investments have resulted in just $2 billion of value to Arconic – destroying more than $4 billion in shareholder wealth.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "52c9033e-2536-4320-a526-816127d25887",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.6,
        "x": 0.01,
        "y": 0.81
      },
      "kind": "source-note",
      "text": "Source: Company filings; Arconic Investor Presentations. Note: 33% tax rate; Arconic WACC based on estimated 5.11% pre-tax cost of debt; beta of 1.37; market risk premium of 6.25%",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "30e0f0d1-4aa6-4022-b669-33c803f71bb4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.64,
        "x": 0.18,
        "y": 0.29
      },
      "kind": "table",
      "text": "2013-2016 Return on Investment table",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bdbdd7cd-e497-4d83-a8a7-b0fbde1a346b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.45,
        "x": 0.03,
        "y": 0.04
      },
      "kind": "title",
      "text": "Arconic's ROIIC: More than $4.2B Destroyed",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff8f226a-ec8d-4b9a-a9d2-56c5a7175b18",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "6edcb566-ad34-424d-9f3b-a785adcbc423",
      "evidence": "chart/waterfall: Cumulative Investments waterfall chart",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "valuation_bridge",
      "slug": null,
      "matchId": "09ba31ab-44a1-46f7-b87e-a44e56784a31",
      "evidence": "The table calculates value destruction by comparing invested capital against NOPAT and market cap.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}