{
  "docId": "019dd923-622c-750b-8b9c-7f2ac9bf331f",
  "docSlug": "2afd1d7556e8",
  "documentTitle": "The Goodyear Tire & Rubber Company (GT)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-05-11 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.75,
  "pageNumber": 8,
  "pageCount": 41,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 5,
  "notes": "The slide uses a waterfall-bridge chart to illustrate value creation levers.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "waterfall_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-7f2ac9bf331f/8",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-7f2ac9bf331f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-7f2ac9bf331f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-7f2ac9bf331f#slide-8",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The fair value of the Company-owned retail stores nearly equates to Goodyear’s market cap and monetizing the stores at a ~13x EBITDA multiple (public peer average) would drive $4+ per share of value creation",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5cf-7048-87fb-f4ec851dc25f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.45,
        "x": 0.48,
        "y": 0.22
      },
      "kind": "chart",
      "text": "Valuation bridge from $11 to $32",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "68bf03da-5037-4514-ba2e-42faa3bf6e5e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.45,
        "x": 0.03,
        "y": 0.23
      },
      "kind": "list",
      "text": "Monetize Retail Stores: Fair value equates to market cap; 13x EBITDA multiple drives $4/share; proceeds pay down debt.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "39229f76-5687-44e5-861c-5f6d95ee567e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.03,
        "y": 0.62
      },
      "kind": "list",
      "text": "Margin Improvement: 385 bps expansion drives $16/share; SG&A review (114 bps) and go-to-market redesign (271 bps).",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb3b99f9-9d88-463e-bee4-1b3ca5109cfb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share price: $32",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5cf-7048-87fb-f907da52303e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.03,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "1. Does not assume any TEV / EBITDA multiple expansion from monetization of retail platform, margin improvement and subsequent de-leveraging.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "273fbacc-fb46-4bed-8e15-05552af432a3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.48,
        "y": 0.05
      },
      "kind": "title",
      "text": "Upside From Accelerating Goodyear",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "123bac39-7d57-4e02-b3fd-95be5e09549d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.4,
        "x": 0.03,
        "y": 0.04
      },
      "kind": "title",
      "text": "ACCELERATING GOODYEAR",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74b785b0-f46e-4bcb-bfdf-7982816400d8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "402067ca-6c1c-4bfa-bfe4-b2f0314ef6fb",
      "evidence": "chart/waterfall-bridge: Valuation bridge from $11 to $32",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "waterfall-bridge",
      "slug": null,
      "matchId": "349da540-489a-46f3-9fd5-4a2cbed10eeb",
      "evidence": "The chart visually decomposes the $11 to $32 share price increase into specific value-add components.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}