{ "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": 83, "pageCount": 238, "prevPage": 82, "nextPage": 84, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "Uses the 'ceo-quote-contradiction' framework to undermine management's narrative.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "logo_grid" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9c-e7508bf92a94/83", "deckHref": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94", "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-e7508bf92a94#slide-83", "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "callout", "text": "Huntsman Claims 2021's Results Are Evidence of Strong Momentum and Improved Execution", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e7d4fe73-1635-4658-9e3f-7e5812f98376", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Therefore, we believe Huntsman’s performance seems to be the result of favorable macro conditions rather than skillful management execution.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-14da-72ce-9fb4-e2c9bf568b04", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.22 }, "kind": "paragraph", "text": "2021 was the best year in Huntsman's history: Huntsman's recent financial results demonstrate that the Company's plan is working. The Company reported the strongest profit and margin performance it has ever achieved with its current portfolio, delivering $349 million of adjusted EBITDA in the fourth quarter 2021, up 45% year over year, and significant free cash flow of $698 million, while achieving ahead of schedule an annualized run rate of $120 million on the Company's $240 million cost optimization and synergy program.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "858842f7-2461-460f-8e88-eb0b8f25c6b9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.75, "x": 0.18, "y": 0.38 }, "kind": "quote", "text": "“Today, I am pleased to report record 2021 adjusted earnings of $18.12 per share and record free cash flow of $1.3 billion. To surpass the previous record adjusted earnings per share by 65 percent is a remarkable achievement in any year.”", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2bc9b247-878d-4141-b0d8-74426bf78b92", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.75, "x": 0.18, "y": 0.72 }, "kind": "quote", "text": "“Our performance in the fourth quarter capped a record year for Dow, which you will see highlighted on Slide 4. In 2021, Team Dow capitalized on the economic recovery, achieving record sales and earnings performance despite pandemic-driven uncertainty and industry-wide weather-related challenges.”", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "951833eb-4fb1-4d88-ab80-16ec3ee7a0f6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.75, "x": 0.18, "y": 0.55 }, "kind": "quote", "text": "“In the face of unprecedented supply disruptions, logistics challenges, labor shortages, COVID variants, and rapid, broad-based inflation, the Eastman team delivered all-time record revenue and adjusted EPS and is positioned to build on this growth in 2022”", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fb0ea572-bec7-44ca-b769-3a3b640b3ea4", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Today, I am pleased to report record 2021 adjusted earnings of $18.12 per share and record free cash flow of $1.3 billion. To surpass the previous record adjusted earnings per share by 65 percent is a remarkable achievement in any year.” — Lori Ryerkerk, Chairman & CEO – Celanese, January 2022; “In the face of unprecedented supply disruptions, logistics challenges, labor shortages, COVID variants, and rapid, broad-based inflation, the Eastman team delivered all-time record revenue and adjusted EPS and is positioned to build on this growth in 2022” — Mark Costa, Chairman & CEO – Eastman, January 2022; “Our performance in the fourth quarter capped a record year for Dow, which you will see highlighted on Slide 4. In 2021, Team Dow capitalized on the economic recovery, achieving record sales and earnings performance despite pandemic-driven uncertainty and industry-wide weather-related challenges.” — James Fitterling, Chairman & CEO – Dow, January 2022", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-14da-72ce-9fb4-e59d3d4a5674", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Public company filings, presentations, and transcripts.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e543f758-9dd9-433f-8de1-f732abee2927", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.86 }, "kind": "title", "text": "Every Primary Peer also had a record year in 2021. Therefore, we believe Huntsman’s performance seems to be the result of favorable macro conditions rather than skillful management execution.", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5dcf845f-e705-4927-b204-bfb1a08837d3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "Please Do Not Be Fooled, Every Primary Peer Posted Record Results in 2021...a Rising Tide Lifts All Boats", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "40710b56-e262-4bbb-aeaa-f49b90c1d452", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "40f49a09-0fc7-4ab0-b9b6-02dce35ee4c7", "evidence": "Uses peer CEO quotes to directly contradict the target company's internal performance narrative.", "confidence": 1 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }