{
  "docId": "019de072-78cb-7649-9a57-099c1a639af0",
  "docSlug": "9c88b927c456379c98095f4bf3408c22",
  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 71 slides",
  "authorId": "blackwells-capital",
  "authorName": "Blackwells Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-04-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 50,
  "pageCount": 71,
  "prevPage": 49,
  "nextPage": 51,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "Uses a waterfall chart to bridge current value to a $75 target and a bar chart to show the subscriber gap.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de072-78cb-7649-9a57-099c1a639af0/50",
  "deckHref": "/decks/019de072-78cb-7649-9a57-099c1a639af0",
  "deckJsonHref": "/decks/019de072-78cb-7649-9a57-099c1a639af0.json",
  "deckAnchorHref": "/decks/019de072-78cb-7649-9a57-099c1a639af0#slide-50",
  "components": [
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.52,
        "y": 0.275
      },
      "kind": "chart",
      "text": "Cumulative Subscribers (in millions)",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ecfcd308-cf22-46ff-8aee-3e577d465306",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.05,
        "y": 0.275
      },
      "kind": "chart",
      "text": "Valuation Bridge to $75 per Share as Standalone Company",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "561dc4f6-f1df-4213-854b-ac3b040b4750",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.82
      },
      "kind": "paragraph",
      "text": "At current valuation levels Peloton would need to more than double last-twelve-months (LTM) revenue and grow connected fitness subscribers from 2.8 million 18.6 million to organically grow to the $75 / share that Peloton is worth in a sale",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "22e7de69-7ae2-45c8-b9a6-0ea1eec76a0c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.17,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Note: Assumes 1) Zero growth on new added LTM connected fitness (~1.1 million new subscribers per year); 2) No changes to in-place connected fitness pricing plan ($39.00 per month or $468.00 per year); 3) Hardware revenue remains constant (LTM hardware revenue = $2.98 billion); 4) No growth to digital subscriber base (862,000 subscribers); 5) Valuation of current subscriber and current hardware based on EV / FY2022E Revenue multiple.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2005f575-79b2-4aca-ade9-ce05ca361508",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "title",
      "text": "Peloton can garner a takeout price today that would take years to achieve as a standalone company",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6fb49941-3524-4adb-8bb7-57d83680f2f0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.56,
        "x": 0.22,
        "y": 0.05
      },
      "kind": "title",
      "text": "OBTAIN FUTURE VALUE TODAY THROUGH A SALE",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "430014cd-bf68-47e1-9310-9bae6b99f523",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "6482879f-f585-4fd5-b44e-447b6332ddde",
      "evidence": "chart/waterfall-bridge: Valuation Bridge to $75 per Share as Standalone Company",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "waterfall-bridge",
      "slug": null,
      "matchId": "e9fc8b04-2655-4bee-bd4e-b03afe513422",
      "evidence": "Visual bridge from current value to target valuation",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 63,
      "from": 34,
      "beatId": "daa81438-c572-45aa-848b-029c0c1080c4",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "The deck proposes a sale to a strategic acquirer as the best option for shareholders",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}