{
  "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": 61,
  "pageCount": 71,
  "prevPage": 60,
  "nextPage": 62,
  "slideType": "competitive_analysis",
  "function": "quantify_opportunity",
  "density": "dense",
  "nDataPoints": 13,
  "notes": "Includes a valuation bridge/scenario table for member penetration.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de072-78cb-7649-9a57-099c1a639af0/61",
  "deckHref": "/decks/019de072-78cb-7649-9a57-099c1a639af0",
  "deckJsonHref": "/decks/019de072-78cb-7649-9a57-099c1a639af0.json",
  "deckAnchorHref": "/decks/019de072-78cb-7649-9a57-099c1a639af0#slide-61",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.66,
        "x": 0.17,
        "y": 0.95
      },
      "kind": "disclaimer",
      "text": "Source: CapIQ Pro and Company filings. All data as of April 8, 2022 unless specified otherwise. (2) Source: Retail Dive, “How Nike execs think through its digital ecosystem”, November 11, 2021. Note: Assumes PTON incremental margin of 60%, below managements guidance of 70%, on current subscription prices. Accretion based on 2022E EBITDA multiples per Capital IQ.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1532e3b9-e9b1-4c4d-ad29-fad6cc345aef",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.48,
        "x": 0.08,
        "y": 0.78
      },
      "kind": "image",
      "text": "NTC, NRC, Nike Swoosh logos",
      "attrs": null,
      "subkind": "logo-grid",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e297937c-6429-4d53-b64b-43a32e7395cc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.55,
        "x": 0.05,
        "y": 0.28
      },
      "kind": "list",
      "text": "Nike could diversify away from its legacy consumer retail business; Immediate ability to bundle with 300 million members; Gains significant customer data edge; Robust opportunity to integrate apps (NTC, NRC); Strategically Defensive Asset.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59642f93-3bb9-4a76-94c8-658bdd49ae88",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.33,
        "x": 0.62,
        "y": 0.28
      },
      "kind": "table",
      "text": "Company Overview: Market Cap $203B, Enterprise Value $202B, LTM Revenue $46.9B, Cash $13.5B, Net Debt/EBITDA NM",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2dc6530a-6a7e-4aff-9aa0-1ae4e7564230",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.33,
        "x": 0.62,
        "y": 0.58
      },
      "kind": "table",
      "text": "Economic Benefits to Nike: Number of Members 300M; Value Creation at Various Member Penetration Rates: 0.5%=$11.3B, 1.0%=$22.6B, 2.5%=$56.6B",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "67fa1f7e-1bbe-49a3-8ab2-c6b3bf36e717",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "title",
      "text": "Nike could drive future growth in its consumer fitness segment",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fc41bbc8-5276-421f-975a-f48c7ac08199",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.06,
        "x": 0.47,
        "y": 0.06
      },
      "kind": "title",
      "text": "NIKE",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9fa61902-cb05-477e-8c69-7b2d46885425",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.32,
        "x": 0.34,
        "y": 0.02
      },
      "kind": "title",
      "text": "POTENTIAL STRATEGIC ACQUIRERS",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f3c61796-c449-4f97-896f-3c4ba7be958f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "bf081feb-6148-4a4e-9091-a88ee1cf9ea2",
      "evidence": "The slide contains a table/data component with economic benefits to Nike at various member penetration rates, which could be part of a 2x2 matrix analysis.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "action-titles",
      "slug": null,
      "matchId": "dfe13cd4-d2ee-487e-87f6-d006f4e5f560",
      "evidence": "The slide uses a clear, thesis-driven headline that summarizes the strategic argument.",
      "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
}