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  "docSlug": "40ee9cb99aa1",
  "documentTitle": "Huntsman Corporation (HUN)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2022-03-02 00:00:00",
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  "notes": "The slide uses a waterfall bridge to visually subtract M&A impacts from reported EBITDA.",
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      "text": "We believe Huntsman is deliberately including the positive impact of M&A in order to overstate its 2021 Adjusted EBITDA results by $92 million, in order to fool shareholders into believing its FALSE narrative of almost having achieved its 2018 Investor Day target.",
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      "text": "Bridge From Reported 2021 Adjusted EBITDA to Organic 2021 Adjusted EBITDA",
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      "text": "Adjusted EBITDA: $92 million",
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      "text": "We believe Huntsman is deliberately including the positive impact of M&A in order to overstate its 2021 Adjusted EBITDA results by $92 million, in order to fool shareholders into believing its FALSE narrative of almost having achieved its 2018 Investor Day target.",
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      "text": "At the 2018 Investor Day, Huntsman clearly promised investors it would achieve Adjusted EBITDA growth of 10% per year without relying on M&A. The Company is now attempting to include positive contribution from M&A in Adjusted EBITDA in order to fool shareholders into believing the Company almost achieved its target.",
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      "text": "Source: Public company filings. (1) Based upon $350 million purchase price and 10x purchase multiple per the Q4 2019 investor call. In additional, allocated 50% of Huntsman Building Solutions synergies delivered to date (per 2021 Investor Day). (2) $53 million of pre-synergy EBITDA per the 2021 Investor day plus $10 million of synergies realized to date per the Q2 2021 investor call. (3) Per the 2021 Investor Day.",
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      "kind": "title",
      "text": "However, Huntsman Is Now Attempting to Deceive Investors By Including M&A to Claim It Achieved an Organic Target",
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