{
  "docId": "019de06f-80db-724c-b768-8e8b5be05565",
  "docSlug": "e5a728fef68e0daf09512b8a18a475f4",
  "documentTitle": "Elliott Management | Activist Presentation Deck | 39 slides",
  "authorId": "elliott-management",
  "authorName": "Elliott Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-04-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.4446952,
  "pageNumber": 9,
  "pageCount": 39,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses multiple time-series charts to demonstrate consistent underperformance relative to peers.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-80db-724c-b768-8e8b5be05565/9",
  "deckHref": "/decks/019de06f-80db-724c-b768-8e8b5be05565",
  "deckJsonHref": "/decks/019de06f-80db-724c-b768-8e8b5be05565.json",
  "deckAnchorHref": "/decks/019de06f-80db-724c-b768-8e8b5be05565#slide-9",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.07,
        "x": 0.92,
        "y": 0.55
      },
      "kind": "callout",
      "text": "19.4% / US$18.0bn Upside(4)",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71722fc0-2152-4214-a9b2-9dcc032a05f0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.05,
        "y": 0.55
      },
      "kind": "chart",
      "text": "P/B - Three Year Performance",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "199fdfdc-a6af-4348-9446-91bdfc1968db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.52,
        "y": 0.55
      },
      "kind": "chart",
      "text": "P/B - Since S32 Demerger (May 18, 2015)",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2c484a94-f11f-444b-9243-c9bd69bb1491",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.52,
        "y": 0.25
      },
      "kind": "chart",
      "text": "P/B - Five Year Performance",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "428bd9d4-1fd6-4993-bb45-7893ef0d8049",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "chart",
      "text": "P/B - Since BHP's Bid for Rio (Nov 26, 2008)",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "920bfa6d-c888-43d8-acc3-8d256a0bdde9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.88
      },
      "kind": "disclaimer",
      "text": "Note: Comparable Portfolio comprises Rio Tinto and a basket of oil and gas equities...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3634b4c2-96c4-437b-9802-7e672a9daa77",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.85,
        "x": 0.05,
        "y": 0.13
      },
      "kind": "title",
      "text": "BHP's P/B(1) valuation has underperformed a portfolio of comparable mineral and petroleum companies",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a99238f-44f6-45cd-a64c-15549e313c3d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.05,
        "y": 0.06
      },
      "kind": "title",
      "text": "P/B underperformance",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9fd0800e-95b3-4c5e-8c5a-fce62473895c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "109973b8-3a1a-4615-91b1-dfc3e1b96b05",
      "evidence": "Comparing BHP P/B ratio against a peer portfolio over multiple timeframes",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 10,
      "from": 6,
      "beatId": "e35aed34-8aa0-438f-8b3a-07dea36e3cde",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document highlights the consequences of not addressing these issues",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 10,
      "from": 6,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "79a39fed-8ab0-49c2-a82c-756eb4712d23",
      "evidence": "The document highlights the consequences of not addressing these issues",
      "position": 0,
      "objective": "What is the cost of not addressing BHP's issues?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}