{
  "docId": "019dd923-622c-750b-8b9c-e7508bf92a94",
  "docSlug": "84e240d51920",
  "documentTitle": "Huntsman Corporation (HUN)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-02-28 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 170,
  "pageCount": 238,
  "prevPage": 169,
  "nextPage": 171,
  "slideType": "propose_solution",
  "function": "propose_solution",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses a waterfall-bridge framework to visualize margin expansion.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "waterfall_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-e7508bf92a94/170",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94#slide-170",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.85
      },
      "kind": "callout",
      "text": "We believe significant value can be unlocked from operational improvements.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0310322a-5f90-47a4-8ead-103456e0f18b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe that Huntsman can improve its Adjusted EBITDA margin by ~600bps on a run-rate basis.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14db-7299-bdea-dcc397d40b2d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.8,
        "x": 0.1,
        "y": 0.4
      },
      "kind": "chart",
      "text": "Waterfall chart showing 15% base, +4% gross margin, +2% op-ex, = 21% pro forma",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e49c17c-198c-44e7-a5f0-c7fefc9fe4d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "list",
      "text": "We believe there are attractive opportunities to improve commercial execution, and reallocate corporate resources, as well as streamline manufacturing, supply chain, and other operating expenses.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "42a3853f-eb82-4f87-8546-96f0e95bfa53",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adjusted EBITDA margin: 600bps",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14db-7299-bdea-e36167938e75",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "We believe that Huntsman can improve its Adjusted EBITDA margin by ~600bps on a run-rate basis.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a22695de-9a3b-422d-a65c-aab18f3aa523",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Public company filings, Starboard estimates, and analysis from a leading consulting firm engaged in the evaluation of Huntsman’s operations and performance. (1) We calculate Adjusted EBITDA to exclude equity in income of unconsolidated affiliates and dividend income from equity investments, and include earnings attributable to non-controlling interests.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5b377031-9441-40fc-b050-65c5ccf0a5d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "We Believe There Are Opportunities to Significantly Improve Adjusted EBITDA Margins",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "566c8966-db64-4db3-9120-672fc0397eb5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall / value bridge",
      "slug": "waterfall-bridge",
      "agent": null,
      "layer": "slide",
      "matchId": "ceb7be82-859d-4cd2-8b70-fe7ec5e9e2ff",
      "evidence": "The slide contains a 'Waterfall chart showing 15% base, +4% gross margin, +2% op-ex, = 21% pro forma'.",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "waterfall-bridge",
      "slug": null,
      "matchId": "61845f33-af04-491d-8ccf-33857d0a2fbe",
      "evidence": "The chart visually bridges the gap between current and pro-forma EBITDA margins using additive components.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}