{ "docId": "019dd923-622c-750b-8b9c-dad126beff94", "docSlug": "416ab93b6285", "documentTitle": "Darden Restaurants, Inc. (DRI)", "authorId": "03_Starboard_Value", "authorName": "Jeffrey C. Smith", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-09-11 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 12, "pageCount": 294, "prevPage": 11, "nextPage": 13, "slideType": "valuation_table", "function": "show_valuation_bridge", "density": "overcrowded", "nDataPoints": 36, "notes": "The slide uses a sum-of-the-parts valuation approach to justify a higher share price target.", "elementsJson": [ "headline_text", "paragraph", "valuation_table", "callout_box" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9c-dad126beff94/12", "deckHref": "/decks/019dd923-622c-750b-8b9c-dad126beff94", "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-dad126beff94.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-dad126beff94#slide-12", "components": [ { "bbox": { "h": 0.15, "w": 0.225, "x": 0.05, "y": 0.235 }, "kind": "callout", "text": "We believe the investment grade rating and dividend will be protected as our plan is implemented (See Section XI for details)", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9e9d1eb1-262d-41c9-810f-ad6caf475c89", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.225, "x": 0.065, "y": 0.61 }, "kind": "callout", "text": "Does not include substantial value from Olive Garden turnaround or franchising program, discussed in Sections VI and IX", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a338e6c8-0284-45f9-9363-b2bd65796464", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.175, "x": 0.8, "y": 0.47 }, "kind": "callout", "text": "Updated real estate analysis in Section VII. The value creation by separating the real estate is approximately $6 - $10 per share", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a4952780-9a10-4daa-8024-44a7ce9fb8d5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.175, "x": 0.8, "y": 0.215 }, "kind": "callout", "text": "Identifiable EBITDA improvement outlined in Section V", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f8f5473a-05d3-4cbb-a8a0-3575a0ce7392", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "If our value creation initiatives are successfully implemented, our analysis indicates that Darden could be worth $67 - $86 per share, BEFORE traffic improvements at Olive Garden", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-fb94-7034-9dd7-006774115f10", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "Darden value per share: $67 - $86", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd952-fb94-7034-9dd7-0787eab9489c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.12 }, "kind": "paragraph", "text": "We believe the current stock price of $48.07(1) greatly undervalues Darden. With a substantial change to the Board, there is an incredible opportunity to unlock value.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6618ab20-9044-4b36-bb5a-6604415f0ded", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.93 }, "kind": "source-note", "text": "(1) As of September 5, 2014. (2) Assumes consensus FY 2015E EBITDA of $765 million as of September 5, 2014. 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