{
  "docId": "019dd923-622c-750b-8b9d-6d45cd23f26b",
  "docSlug": "c0d1fbb8f6d8",
  "documentTitle": "Huntsman Corporation (HUN)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-03-03 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.60714287,
  "pageNumber": 4,
  "pageCount": 17,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "The slide uses a bar chart to contrast Huntsman's 15% margin against a primary peer average of 24%.",
  "elementsJson": [
    "headline_text",
    "quote_block",
    "paragraph",
    "bar_chart_vertical",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9d-6d45cd23f26b/4",
  "deckHref": "/decks/019dd923-622c-750b-8b9d-6d45cd23f26b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9d-6d45cd23f26b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9d-6d45cd23f26b#slide-4",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "PROFITABILITY IN THE “BEST YEAR IN HUNTSMAN’S HISTORY” CONTINUES TO BE EMBARASSINGLY BAD WHEN COMPARED TO PEERS",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b670-ede957a1d14a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.8,
        "x": 0.1,
        "y": 0.58
      },
      "kind": "chart",
      "text": "2021 Adjusted EBITDA Margin – Huntsman vs. Performance and Primary Peers",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "632d1b4b-27a1-47ec-b4e8-b15fc29d3eb8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.25,
        "x": 0.18,
        "y": 0.76
      },
      "kind": "legend",
      "text": "Denotes Primary Peers (A Subset of Performance Peers)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "43daca2c-a106-47c1-a322-780797fe3c74",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.15,
        "x": 0.68,
        "y": 0.76
      },
      "kind": "legend",
      "text": "Worst among Primary Peers",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bf3af082-1281-4a3a-99d4-18c0158f7cf8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adjusted EBITDA Margin: 15%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b670-f7d0019d1e3a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.1,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "The Company seems to be proudly celebrating its results in 2021... We believe stockholders should be highly concerned...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "105fb13d-156d-4ba7-a9e8-f5befd6e4fb7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.68,
        "x": 0.22,
        "y": 0.22
      },
      "kind": "quote",
      "text": "Today, I am pleased to report record 2021 adjusted earnings...",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aa3173e4-3dd8-4d22-b46b-f7de8b0f6eb1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.68,
        "x": 0.22,
        "y": 0.36
      },
      "kind": "quote",
      "text": "Our performance in the fourth quarter capped a record year for Dow...",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f665323d-725d-4ea1-94db-cf9697810d2c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.68,
        "x": 0.22,
        "y": 0.29
      },
      "kind": "quote",
      "text": "In the face of unprecedented supply disruptions...",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fb843fd8-adc5-46d0-a4e6-bc9c0694bc47",
      "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": "019dd953-2b62-723f-b670-f32270b3f8db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.8,
        "x": 0.1,
        "y": 0.18
      },
      "kind": "title",
      "text": "Each of Huntsman's Primary Peers Also Had Its Best Year Ever",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5b251bcd-b889-4c2a-aa77-899810b668d8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Slide recipe: the peer-gap chart",
      "slug": "peer-gap-chart-recipe",
      "agent": "designer",
      "layer": "slide",
      "matchId": "a670fe99-8fc3-415a-99c0-9edc1118e160",
      "evidence": "chart/bar-vertical: 2021 Adjusted EBITDA Margin – Huntsman vs. Performance and Primary Peers",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "aeca8d29-767a-4ee8-94af-6f4357c20652",
      "evidence": "Direct comparison of Huntsman's EBITDA margin against peers to highlight underperformance.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 5,
      "from": 2,
      "beatId": "664d9b61-76a3-44c0-8634-82857b5611ac",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem (Identify pain)",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The document highlights Huntsman's underperformance and poor operational performance.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}