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  "docSlug": "40ee9cb99aa1",
  "documentTitle": "Huntsman Corporation (HUN)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2022-03-02 00:00:00",
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  "pageNumber": 17,
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  "notes": "The slide uses a 'bridge' metaphor to expose a contradiction in the company's public claims.",
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      "kind": "callout",
      "text": "We believe an apples-to-apples comparison reveals that the Company MISSED its 2018 Investor Day Adjusted EBITDA target by 18%",
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      "text": "Adjusted EBITDA Target Bridge From 2020 to 2021",
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      "text": "Adjusted EBITDA: 18%",
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      "kind": "paragraph",
      "text": "We believe Huntsman is making a fundamentally flawed comparison to claim it nearly achieved its 2018 Investor Day target. Huntsman is understating its Adjusted EBITDA target while overstating its actual Adjusted EBITDA.",
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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": "Huntsman is making a highly disingenuous comparison to claim it delivered on its 2018 Investor Day target.",
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      "kind": "title",
      "text": "Even When Extending the Analysis to 2021, Huntsman STILL FAILED to Deliver on Its 2018 Investor Day Target",
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