{
  "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": 198,
  "pageCount": 238,
  "prevPage": 197,
  "nextPage": 199,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses a waterfall-style logic to demonstrate value destruction.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "waterfall_chart",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-e7508bf92a94/198",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94#slide-198",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.38,
        "x": 0.31,
        "y": 0.31
      },
      "kind": "callout",
      "text": "Since the initial investment, Huntsman has invested an incremental ~$660 million into a business that has yet to perform in-line with the Company's initial expectations, and continues to be free cash flow negative on a cumulative basis.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a5d2e552-1e60-4389-b7c0-595199d815d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.92,
        "x": 0.04,
        "y": 0.23
      },
      "kind": "chart",
      "text": "Cumulative Free Cash Flow Generated by Textile Effects Business",
      "attrs": null,
      "subkind": "waterfall",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5994e39b-f443-4e10-ab6b-db983dfc7387",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Cumulative Free Cash Flow: ($179)",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14db-7299-bdee-8b3282e11b5b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "Despite investing ~$660 million in the business since the initial purchase in 2006, Textile Effects has not generated positive cumulative free cash flow for shareholders.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b2b146c9-18c9-40ab-80a0-0fdb85a985fe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.85
      },
      "kind": "paragraph",
      "text": "We question whether the cash flows invested in Textile Effects could have been repurposed towards higher-returning projects.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bd1008d2-5266-415a-bb87-1c983552ab4b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.8,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Public company filings. (1) Includes 2008 – 2021. While the business was acquired in Q3 2006, it was initially grouped with Advanced Materials for reporting purposes. Separate financials for the Textile Effects business are not available until 2008.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8af8e7fa-c6f1-40e4-ae00-e8b3bb354140",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.92,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "In Addition, On a Cumulative Basis, Textile Effects Has Not Created Value for Shareholders",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a665179-335c-46b3-9a13-873f99a21432",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "639000a3-c577-492a-91fe-0788d7853ca1",
      "evidence": "Cumulative Free Cash Flow Generated by Textile Effects Business",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "waterfall-bridge",
      "slug": null,
      "matchId": "e54053e1-baf9-40f5-b4ca-b3bb5ce623e7",
      "evidence": "The chart visualizes the components of cumulative free cash flow as a bridge from EBITDA to final FCF.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}