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  "docSlug": "fbbd859563e5",
  "documentTitle": "Huntsman Corporation (HUN)",
  "authorId": "03_Starboard_Value",
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  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-03-08 00:00:00",
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  "pageNumber": 54,
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  "density": "dense",
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  "notes": "The slide uses a red bar to highlight Huntsman's position relative to the peer average, emphasizing the negative performance gap.",
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      "kind": "callout",
      "text": "Huntsman's EBITDA margins are ~400bps BELOW the average for 2021 and 2022 performance peers!",
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      "text": "2021 Adjusted EBITDA Margin – Huntsman vs. Peers",
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      "kind": "paragraph",
      "text": "We believe the Company would like shareholders to forget that its profitability relative to peers is incredibly poor.",
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      "text": "We believe a complete and objective benchmarking of Huntsman's Adjusted EBITDA margins clearly demonstrates that Huntsman's profitability trails peers.",
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      "kind": "source-note",
      "text": "Source: Public company filings. (1) For the sake of completeness, represents the average among peers included in either Huntsman's 2021 or 2022 Performance Peers as well as those arbitrarily selected in the Company's SG&A expense ratio benchmarking. (2) See Appendix for definition.",
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      "kind": "title",
      "text": "We Believe the Company Tried to Focus Shareholders on Its SG&A Expense Ratio Because Its Profitability Is Subpar",
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      "evidence": "Direct comparison of EBITDA margins against a peer group to expose performance gap.",
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      "arcName": "Overcoming the Monster",
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      "beatName": "The Struggle",
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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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