{
  "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": 33,
  "pageCount": 90,
  "prevPage": 32,
  "nextPage": 34,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 17,
  "notes": "The slide uses a red dashed box to frame the entire period and red callouts to highlight the 'decline' and the 'deceptive' baseline selection.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9d-701a1b1e61b1/33",
  "deckHref": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9d-701a1b1e61b1#slide-33",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.28,
        "x": 0.52,
        "y": 0.62
      },
      "kind": "callout",
      "text": "Company conveniently picks the 2011 low point as the start of its analysis to seemingly deceive shareholders",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ad97f711-bc2e-455b-a879-7bb712926980",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.18,
        "x": 0.22,
        "y": 0.44
      },
      "kind": "callout",
      "text": "Huntsman oversaw a $156 million DECLINE in Adjusted EBITDA",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e196c4b2-8e4b-4b19-8ad8-7be1992a5a5e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.7,
        "x": 0.15,
        "y": 0.77
      },
      "kind": "callout",
      "text": "After 16 years, Textile Effects is finally generating a similar level of Adjusted EBITDA as at acquisition. This is NOT what success looks like!",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f4c9ac6c-216e-4a37-bc0f-8fcb278b9d10",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.92,
        "x": 0.04,
        "y": 0.31
      },
      "kind": "chart",
      "text": "Historical Adjusted EBITDA for Huntsman's Textile Effects Business",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e4537f84-a196-4990-a246-480caa2a25c9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.86
      },
      "kind": "paragraph",
      "text": "Huntsman did not create value at Textile Effects. In fact, Adjusted EBITDA has only finally recovered to its original state after 16 years.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4e31bb87-d3cf-4062-915b-9d3bdb630616",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Huntsman is using an arbitrary and highly misleading date to falsely portray a turnaround. The Company acquired Textile Effects in mid-2006 when the business had been generating $92 million of Adjusted EBITDA, proceeded to destroy value through poor execution over the next five years, and completely failed in its promise to increase Adjusted EBITDA to $150 million.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bbfa2679-a6ee-49d2-8cdc-d79d6ad1ec01",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Public company filings and presentations. (1) Per press release at time of acquisition announcement. (2) Acquisition of Textile Effects was completed on July, 3, 2006. In December 2006, management commented that the business had a run-rate Adjusted EBITDA of $75 - $85 million. $80 million represents the midpoint.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a973f4db-4821-46eb-bead-fcad612094ff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "Over 16 Years, Huntsman Failed to Execute on Its Promise to Improve Adjusted EBITDA to $150 Million",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "feb2d0a4-3735-43e6-a37e-58c972790e4c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "c1565542-59b3-4d5e-8bfc-5d8e3d7e9b72",
      "evidence": "The slide explicitly calls out 'misleading date' and 'deceive shareholders' to frame management's narrative as fraudulent.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 60,
      "from": 28,
      "beatId": "f31e8a30-2265-44b9-b890-91f1eb8764bc",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}