{
  "docId": "019dd923-622c-750b-8b9d-701a1b1e61b1",
  "docSlug": "fbbd859563e5",
  "documentTitle": "Huntsman Corporation (HUN)",
  "authorId": "03_Starboard_Value",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-03-08 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 18,
  "pageCount": 90,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "Uses a waterfall-style comparison to highlight the gap between the target and the consensus estimate.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/18",
  "deckHref": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-18",
  "components": [
    {
      "bbox": {
        "h": 0.45,
        "w": 0.84,
        "x": 0.08,
        "y": 0.35
      },
      "kind": "chart",
      "text": "Adjusted EBITDA vs. 2018 Investor Day Target",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c27ffe78-df50-4920-8d4a-07067e4c3abb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "We believe shareholders should be asking whether the Company was expected to deliver on its 2018 Investor Day target prior to the pandemic. The answer is a resounding NO. At the end of 2019, Wall Street analysts expected the Company's 2020 Adjusted EBITDA target to MISS its target by ~$470 million. We believe it is clear that the Company FAILED to deliver on its 2018 Investor Day promise.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "04002128-d57c-4178-aef7-d6a84253633c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.83
      },
      "kind": "paragraph",
      "text": "Even prior to the global pandemic, Wall Street analysts believed Huntsman would FAIL to deliver on its 2018 Investor Day target. We believe the Company's attempts to retroactively revise its promises and obfuscate the truth in order to mislead shareholders is highly disingenuous.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c0caeb1-9cbc-40fb-b629-1c04047895dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.04,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: CapitalIQ, Public company filings and presentations, Wall Street consensus. (1) Adjusted EBITDA pro forma for the sale of Huntsman's Chemical Intermediates business. (2) 2020 target as disclosed in the Company's March 2022 presentation to shareholders. (3) $125 million commodity price spike in 2017 per page 4 of the Company's Q4 2017 earnings presentation. $80 million commodity price spike in 2018 per Q1 to Q3 2018 earnings presentations.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b82638d9-ffac-4c1d-b832-a96a96012ee2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "In Fact, the Company Was Expected to Significantly MISS Its 2018 Investor Day Target Even Before the Pandemic",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "184e2586-1420-4223-9afc-72ea2dccc920",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "57691e9c-b33b-4810-994a-4f591757db04",
      "evidence": "The slide explicitly frames the company's performance as a failure to meet promises and accuses them of obfuscation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 27,
      "from": 5,
      "beatId": "a6c0cbe8-ac1a-4fcd-b25b-1f92092a85f8",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The document presents a detailed critique of Huntsman's management and its actions.",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}