{
  "docId": "019dd923-622c-750b-8b9c-63bc884c5856",
  "docSlug": "5cd25d5edacd",
  "documentTitle": "Telecom Italia SpA (TIM) (TIT.MI)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-04-05 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 5,
  "pageCount": 37,
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  "nextPage": 6,
  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a waterfall chart to visualize the negative performance gap between TIM and market benchmarks.",
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  "metadataConfidence": 1,
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  "slideHref": "/slides/019dd923-622c-750b-8b9c-63bc884c5856/5",
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  "components": [
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      "bbox": null,
      "kind": "callout",
      "text": "Since joining the board in December 2015, Telecom Italia has dramatically underperformed its peers and broader indices.",
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      "subkind": null,
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      "kind": "chart",
      "text": "Waterfall chart showing performance of TIM Stub, TIM Ord, SXKE Index, and FTSE-Mib index",
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      "subkind": "waterfall",
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    },
    {
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      "kind": "metric",
      "text": "total return: (62.6)%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
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      "componentId": "019dd953-0931-74b9-a32c-3d27c99801ff",
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      "kind": "paragraph",
      "text": "Since joining the board in December 2015, Telecom Italia has dramatically underperformed its peers and broader indices. This is especially striking as the Company’s underlying operating improvements, which were set in motion before Vivendi entered the board, should have made it a top-performer.",
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      "kind": "source-note",
      "text": "Source: Bloomberg. Note: Chart shows total return since 15-Dec-2015 (when Vivendi nominees entered TIM’s board) to 05-Mar-2018 (latest undisturbed pricing date before Elliott interest in TIM was disclosed). 1 TIM Stub equity value calculated as TIM Equity value net of INWIT and TIM Brasil stakes.",
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      "kind": "title",
      "text": "Vivendi is Not Working for TIM",
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      "evidence": "The slide explicitly contrasts the company's operating improvements with its poor stock performance to argue that the current board (Vivendi) is failing.",
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      "beatId": "4425149a-d6e6-40b9-98e9-3ca56cf52061",
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      "arcSlug": "problem-agitate-solution",
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      "evidence": "Slides 4-9 highlight the problems with TIM's current situation and Vivendi's management.",
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      "parentBeatName": "Complication",
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