{
  "docId": "019dd923-622c-750b-8b9c-ccd1d6676fd3",
  "docSlug": "ccf0af92c506",
  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Darden",
  "documentKindSlug": "regulatory-filing",
  "documentKindLabel": "Regulatory filing",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-09-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 7,
  "pageCount": 18,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "comparison_table",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 15,
  "notes": "The slide uses a comparison framework to systematically dismantle the opponent's valuation model.",
  "elementsJson": [
    "headline_text",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-ccd1d6676fd3/7",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-ccd1d6676fd3",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-ccd1d6676fd3.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-ccd1d6676fd3#slide-7",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Our Board Concluded that Starboard Missed Important Details in its REIT Valuation Analysis Thereby Leading to a Flawed Conclusion on the Value Creation Potential",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b32a-76ccebb4e178",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.08,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Source: Company filings, IBES, Starboard \"Real Estate Primer\", 31-Mar-2014",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fbcb4408-c181-45a9-b178-e0d6ef68e9ab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.7,
        "w": 0.85,
        "x": 0.08,
        "y": 0.18
      },
      "kind": "table",
      "text": "Comparison of Starboard vs Darden assumptions across Public Market Multiple, Ground Lease Valuation, Friction Costs, Credit Rating, and OpCo Valuation.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8af633ca-b919-4d44-917c-a01b9e112200",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Our Board Concluded that Starboard Missed Important Details in its REIT Valuation Analysis Thereby Leading to a Flawed Conclusion on the Value Creation Potential",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cc5d46c3-a771-4668-a80e-6d08f787830c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Comparison frame",
      "slug": "comparison-frame",
      "agent": null,
      "layer": "slide",
      "matchId": "7e57ae55-b19e-4757-aa24-f7f7a8298ff2",
      "evidence": "Comparison of Starboard vs Darden assumptions",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "comparison-frame",
      "slug": null,
      "matchId": "99c28337-7a25-41b8-be2e-0c3ea5d3cd16",
      "evidence": "Table structure directly compares two sets of assumptions to highlight flaws.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 9,
      "from": 5,
      "beatId": "fc7607d5-5cb8-4d01-9956-28618418f5ba",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "Slides 5-9 highlight the potential risks and complications associated with Starboard's proposals.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 9,
      "from": 5,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "3980a12d-67bb-443c-a8b6-fb93e6831be3",
      "evidence": "The document highlights the potential risks and value destruction associated with Starboard's proposals, implying that not adopting them may be the best option.",
      "position": 0,
      "objective": "What is the cost of not adopting Starboard's proposals?",
      "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
}