{
  "docId": "019de073-77e4-755e-b63f-52c1c75c68ed",
  "docSlug": "ca5d20405bc44fcbf4929babb29114a4",
  "documentTitle": "Altair US LLC | Activist Presentation Deck | 38 slides",
  "authorId": "altair-us-llc",
  "authorName": "Altair US, LLC",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-09-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 27,
  "pageCount": 38,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 14,
  "notes": "Uses a combination of a bar chart for historical price targets and a bar chart for premium/discount analysis to frame the deal as undervalued.",
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  "slideHref": "/slides/019de073-77e4-755e-b63f-52c1c75c68ed/27",
  "deckHref": "/decks/019de073-77e4-755e-b63f-52c1c75c68ed",
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  "components": [
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      "bbox": {
        "h": 0.08,
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      "kind": "callout",
      "text": "We believe Avalara merits an appropriate premium, not a discount, to the mean analyst target price",
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      "kind": "chart",
      "text": "Premium to Mean Price Target",
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      "subkind": "bar-vertical",
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      "kind": "chart",
      "text": "Avalara Mean Analyst Price Target",
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      "subkind": "bar-vertical",
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      "componentId": "f11e2be8-68d5-485e-9973-79fdf37ed398",
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        "x": 0.03,
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      "kind": "list",
      "text": "Prior to the announcement of the transaction, sell-side analysts had a mean target price for Avalara of more than $117 per share. Typically, change-in-control transaction occur above the mean sell-side price targets.",
      "attrs": null,
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      "kind": "source-note",
      "text": "Source: FactSet. Mean price targets as of the day before the transaction was announced.",
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      "componentId": "fccc736a-9d84-404c-8c30-49cc46f312c5",
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        "w": 0.6,
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      "kind": "title",
      "text": "Vista's Offer Is Below Analyst Price Targets",
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      "componentId": "eaf68827-9a35-4f08-953b-9faabc05d903",
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  "frameworks": [
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      "matchId": "0ac98f69-9361-42ae-bdc2-3e60bf91316d",
      "evidence": "Compares deal price to analyst targets to argue for undervaluation",
      "confidence": 0.9
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      "beatId": "f7110c28-ff0c-491a-bc82-2386675e455a",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document provides a solution by urging investors to vote against the acquisition",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
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  "loops": [
    {
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      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
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      "evidence": "The document reveals the inadequacy of Vista's offer compared to Avalara's historical valuation",
      "position": 1,
      "objective": "Reveal the inadequacy of Vista's offer",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.7,
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