{ "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": 80, "pageCount": 238, "prevPage": 79, "nextPage": 81, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 6, "notes": "Uses a CEO quote and a screenshot of a slide from the company's own presentation to frame the narrative of broken promises.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "screenshot", "callout_box" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9c-e7508bf92a94/80", "deckHref": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94", "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94#slide-80", "components": [ { "bbox": { "h": 0.2, "w": 0.18, "x": 0.78, "y": 0.6 }, "kind": "callout", "text": "The Company is promising to improve Adjusted EBITDA margins to 18 – 20% and consistently deliver an Adjusted EBITDA to FCF Conversion of >40%", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8a7acafd-9a1f-4ec3-89a2-f8cb5db17693", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.5, "x": 0.25, "y": 0.41 }, "kind": "image", "text": "Excerpt From 2021 Investor Day Presentation", "attrs": null, "subkind": "screenshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fc0f7f5f-cbef-4585-b551-a8c65e24d267", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "Adjusted EBITDA margin: 18-20%", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-14da-72ce-9fb5-1ba734677b77", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "In November 2021, the Company hosted an Investor Day, again committed to improving financial performance, and expressed confidence that the Company would finally be able to deliver on its commitments.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c61d7119-ca4d-45f3-9af9-152b6813d17c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.23 }, "kind": "quote", "text": "We're very excited, and I feel more confident today than I ever have about the future. I know that's something that everybody always says. But why do I feel that, I feel that because we have more control of these issues...there are going to be headwinds here and there. But what we can control, what we're focused on as a company, and what we're able to do, I think, puts us in a unique opportunity to further transform this business.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "828d8882-1c0b-419b-bd94-73f5f8532555", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"We're very excited, and I feel more confident today than I ever have about the future. I know that's something that everybody always says. But why do I feel that, I feel that because we have more control of these issues...there are going to be headwinds here and there. But what we can control, what we're focused on as a company, and what we're able to do, I think, puts us in a unique opportunity to further transform this business.\" — Peter Huntsman, Chairman, President & CEO, November 2021", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-14da-72ce-9fb5-158981b4c017", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings, presentations, and transcripts.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d0bdc0ec-ac7a-4aad-80df-2b9d96d6466d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.89 }, "kind": "title", "text": "The Company is again making commitments to shareholders that it will meaningfully improve performance.", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d4f72d91-2437-4695-8bb8-927e3e3c45d0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "In November 2021, the Company Hosted Yet Another Investor Day and Made Even More Promises to Shareholders", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e0995549-e06d-4347-ba70-931f9726c306", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "227decee-961b-415c-b9c1-fbe076cc93a1", "evidence": "Contrasts CEO's optimistic quote with specific financial targets to imply future failure.", "confidence": 0.9 } ], "arcBeats": [ { "to": 80, "from": 7, "beatId": "6fee00a2-fd59-4a92-b4c3-f24a64ee9c0e", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The document exposes several contradictions and inconsistencies in the company's promises and actions.", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }