{
  "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": 49,
  "pageCount": 75,
  "prevPage": 48,
  "nextPage": 50,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses an org chart to illustrate excessive complexity and a quote to provide academic backing for the 'diversification discount' thesis.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de072-4039-708a-bf30-dfedd780cec6/49",
  "deckHref": "/decks/019de072-4039-708a-bf30-dfedd780cec6",
  "deckJsonHref": "/decks/019de072-4039-708a-bf30-dfedd780cec6.json",
  "deckAnchorHref": "/decks/019de072-4039-708a-bf30-dfedd780cec6#slide-49",
  "components": [
    {
      "bbox": {
        "h": 0.65,
        "w": 0.45,
        "x": 0.03,
        "y": 0.25
      },
      "kind": "image",
      "text": "Seven & i Holdings Organization Chart",
      "attrs": null,
      "subkind": "infographic",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "03bc1227-d877-40c7-ac8c-32a1f151956b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.4,
        "x": 0.55,
        "y": 0.33
      },
      "kind": "list",
      "text": "Business leaders report directly to President? Clear reporting lines and accountability?",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2784082e-62f2-4f40-9a5c-4aa8b721a2df",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.95,
        "x": 0.03,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "Seven & i has over 170 group companies, making it more difficult for management to focus attention and resources on 7-Eleven, which is the overwhelming driver of corporate value",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1dec6d0d-ec32-4ede-ab8a-0998a9d1108c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.5,
        "x": 0.48,
        "y": 0.68
      },
      "kind": "quote",
      "text": "Evidence strongly suggests that diversified firms trade at a discount. [...] The results also suggest that managers of diversified firms resist the restructuring of inefficient businesses when they are ill-disciplined by a weak governance system.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "04a8d517-5aa4-4dd4-950f-a3c671747f43",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Sources: Public company documents, VAC analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a5f25351-6b47-4e65-aba4-0ebf6cdb4466",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.75,
        "x": 0.03,
        "y": 0.04
      },
      "kind": "title",
      "text": "Complexity: Indecipherable Organization Chart",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4a2c468b-ba49-4318-8a6f-cf420cdeab07",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "governance",
      "slug": null,
      "matchId": "5681a1e7-3fe7-43d3-bfd8-7c2af4405c3e",
      "evidence": "Critique of reporting lines and accountability in a diversified firm",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}