{
  "docId": "019de072-4039-708a-bf30-dfedd780cec6",
  "docSlug": "dc492b7311dc8eb1e227f4d0136aa0f5",
  "documentTitle": "ValueAct Capital | Activist Presentation Deck | 75 slides",
  "authorId": "valueact-capital",
  "authorName": "ValueAct Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-02-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 33,
  "pageCount": 75,
  "prevPage": 32,
  "nextPage": 34,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 8,
  "notes": "Uses a bar chart to contrast group company performance against industry peers.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de072-4039-708a-bf30-dfedd780cec6/33",
  "deckHref": "/decks/019de072-4039-708a-bf30-dfedd780cec6",
  "deckJsonHref": "/decks/019de072-4039-708a-bf30-dfedd780cec6.json",
  "deckAnchorHref": "/decks/019de072-4039-708a-bf30-dfedd780cec6#slide-33",
  "components": [
    {
      "bbox": {
        "h": 0.6,
        "w": 0.45,
        "x": 0.03,
        "y": 0.23
      },
      "kind": "chart",
      "text": "GMS Pre-Tax ROIC (FY Feb ‘20)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5e04cd0d-9f64-4318-8a35-1650ec3038f5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.45,
        "x": 0.52,
        "y": 0.23
      },
      "kind": "chart",
      "text": "Department Store Pre-Tax ROIC (FY Feb ‘20)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8d730c8e-ad5c-47f3-8fd9-b8e98c5e0ddf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.03,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "Limited group synergies – subsidiaries’ underperformance relative to standalone competitors suggests that any benefits of group synergies are outweighed by the holding company’s lack of focus.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1b52a630-fe75-4866-bd8d-878ac98ac8ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.03,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Sources: Public company documents, FactSet, VAC analysis. Memo: Pre-tax ROIC defined as operating profit / average invested capital. Invested capital is the sum of net debt, leases, and equity",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9923c378-ac62-4f0a-8c16-adddc8f5b311",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.6,
        "x": 0.03,
        "y": 0.04
      },
      "kind": "title",
      "text": "Step 3. Exit Remaining Non-Core Businesses",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c8712f09-0302-48c2-80d6-ab1428bc932b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "3aa9fac7-964f-4b8e-841f-b439378701ff",
      "evidence": "Direct comparison of ROIC between group companies and standalone competitors to justify divestiture.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}