{
  "docId": "019dd923-622c-750b-8b9d-1b44c5356381",
  "docSlug": "40ee9cb99aa1",
  "documentTitle": "Huntsman Corporation (HUN)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-03-02 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 14,
  "pageCount": 90,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "Uses a bar chart to visually highlight the 'apples-to-oranges' comparison of 2020 targets vs 2021 actuals.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "screenshot",
    "bar_chart_vertical",
    "bullet_list",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9d-1b44c5356381/14",
  "deckHref": "/decks/019dd923-622c-750b-8b9d-1b44c5356381",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9d-1b44c5356381.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9d-1b44c5356381#slide-14",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.96,
        "x": 0.02,
        "y": 0.89
      },
      "kind": "callout",
      "text": "We believe Huntsman’s claims of beating its 2020 Adjusted EBITDA target is blatantly misleading and false.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dc5e0f2e-ae63-4a74-b1d6-8637f441265d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.45,
        "x": 0.04,
        "y": 0.22
      },
      "kind": "chart",
      "text": "Comparison of 2020 Target vs 2021 Actuals",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e55a10b0-f24c-4861-a070-4a18545612a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.48,
        "x": 0.48,
        "y": 0.58
      },
      "kind": "list",
      "text": "2nd Mistake: Organic Target v. Inorganic Actuals. Huntsman incorrectly compares an organic Adjusted EBITDA target with an inorganic Adjusted EBITDA result.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "059aaf63-a01d-4be9-a3f0-54c1f0946a54",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.48,
        "x": 0.48,
        "y": 0.22
      },
      "kind": "list",
      "text": "1st Mistake: 2020 Target v. 2021 Actuals. Huntsman is making a false comparison by comparing a 2020 Adjusted EBITDA target with 2021 performance.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b7037dd5-93c1-44ce-b525-b42fe1ee828c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adjusted EBITDA: $1,343",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb92-756a-9dad-bef46477e8e9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "Huntsman claims to have almost met its 2018 Investor Day target by extending the timeline to achieve (i.e. from 2020 to 2021) and by including contributions from acquired businesses.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8323bd87-5578-4537-8dd8-39812b60298e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "However, Huntsman Now Deceitfully Claims to Have Almost Achieved Its 2018 Investor Day Adjusted EBITDA Target",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd8d8498-bf65-48d0-b0ec-adcba986e163",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "0cc774bc-24ea-4b67-aa81-02b03e5563df",
      "evidence": "chart/waterfall-bridge: Bridge From Reported 2021 Adjusted EBITDA to Organic 2021 Adjusted EBITDA",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "7797ce3b-ac31-4527-bdab-d41c1b6f0bd8",
      "evidence": "The slide explicitly labels 'Mistakes' and 'Deceitful' claims to discredit management's financial reporting.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 27,
      "from": 3,
      "beatId": "cff3cf56-5f0b-452a-8ff2-38b50aeac012",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Multiple slides expose contradictions in Huntsman's claims and performance.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 90,
      "from": 3,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "6400df9c-7000-46ee-ad3c-c2ae51fd8f33",
      "evidence": "The document builds a case against Huntsman's management and governance.",
      "position": 0,
      "objective": "Reveal Huntsman's poor performance and governance",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.7,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}