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  "documentTitle": "Huntsman Corporation (HUN)",
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  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-03-08 00:00:00",
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  "pageNumber": 51,
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  "notes": "Uses a bar chart to show Huntsman's SG&A ratio compared to peers, highlighting the discrepancy in peer selection.",
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      "kind": "callout",
      "text": "We believe Huntsman is trying to fool its shareholders, operating expense ratio is not the same as profitability",
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      "text": "LTM SG&A % of Revenue bar chart showing Huntsman vs peers",
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      "text": "Huntsman presents SG&A expense ratio as a proxy for profitability - this is a false equivalence. The Company also consistently and conveniently changes peers to fit its narrative.",
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      "kind": "paragraph",
      "text": "In Huntsman's latest investor presentation, the Company compares its operating expense ratio to peers while claiming it has undergone \"margin enhancement.\" Operating expense ratio is not necessarily indicative of profitability. In addition, the Company again chose an arbitrary peer set in making its comparison.",
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      "kind": "source-note",
      "text": "Source: Public company filings. (1) 2022 Proxy filed as definitive on February 17, 2022. Presentation filed on March 2, 2022.",
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      "kind": "title",
      "text": "Huntsman Seems to Be Deliberately Conflating SG&A Expense Ratio With Profitability In Order to Fool Shareholders",
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      "evidence": "The slide explicitly accuses the company of 'fooling shareholders' and 'conflating' metrics to hide poor performance.",
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      "evidence": "The document highlights the consequences of Huntsman's management's actions and the need for change.",
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