{
  "docId": "019de076-f61b-72ec-ac99-23a3d13d32eb",
  "docSlug": "a2d5cff165b002ce8984856d2d6bfb06",
  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 101 slides",
  "authorId": "blackwells-capital",
  "authorName": "Blackwells Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 49,
  "pageCount": 101,
  "prevPage": 48,
  "nextPage": 50,
  "slideType": "propose_solution",
  "function": "propose_solution",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses a 'breakup-spinoff' logic to argue for asset separation.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de076-f61b-72ec-ac99-23a3d13d32eb/49",
  "deckHref": "/decks/019de076-f61b-72ec-ac99-23a3d13d32eb",
  "deckJsonHref": "/decks/019de076-f61b-72ec-ac99-23a3d13d32eb.json",
  "deckAnchorHref": "/decks/019de076-f61b-72ec-ac99-23a3d13d32eb#slide-49",
  "components": [
    {
      "bbox": {
        "h": 0.45,
        "w": 0.53,
        "x": 0.046,
        "y": 0.365
      },
      "kind": "paragraph",
      "text": "The total book value of real estate held by Disney is approximately 38% of Disney’s market capitalization, yet the Board has no members with any real estate experience\n\nDisney has one of the largest trophy portfolios of hotel and resort assets in the world with over 37,000 hotel rooms, thousands of vacation club units, retail and commercial space and vast land holdings\n\nDisney could pursue the synthetic breakup that an IPCo/OpCo/PropCo structure would support, another lever to unlock value",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "58e88928-d8a1-47b4-a331-602ac60d44f5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.65,
        "x": 0.01,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "Source: Company filings and Capital IQ. Note: Assumes the value ascribed to the REIT spin-off is equivalent to the gross real estate value and there are no dyssynergies or incurrence of tax leakage.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "14d62376-97ed-4b00-9eba-48690e66ffce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.33,
        "x": 0.625,
        "y": 0.295
      },
      "kind": "table",
      "text": "Stock Price (3/1/24) $ 111.95\nShare Outstanding 1,834\nMarket Capitalization $ 205,350\nAttractions, buildings and equipment $ 72,096\nProjects in process $ 5,618\nLand $ 1,182\nTotal Gross Real Estate Value $ 78,896\nMarket Capitalization $ 205,350\nGross Real Estate as % of MC 38%",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74975e1d-5645-4bcd-bc26-1ff37affbd09",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.045,
        "w": 0.804,
        "x": 0.098,
        "y": 0.175
      },
      "kind": "title",
      "text": "Disney could unlock a significant amount of value and solve its capital allocation needs by spinning its owned real estate out into a REIT or creating an IPCo/OpCo/PropCo structure",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c9b4397-ccb9-4486-b75f-f98a7458e96c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.045,
        "w": 0.624,
        "x": 0.188,
        "y": 0.045
      },
      "kind": "title",
      "text": "CASE STUDY: BALANCE SHEET OPTIMIZATION",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "62b51997-197b-4188-9339-bbb7c45520f2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "breakup-spinoff",
      "slug": null,
      "matchId": "2ad65734-361c-4458-babd-fee09ab3b684",
      "evidence": "Proposes spinning off real estate assets into a REIT or IPCo/OpCo/PropCo structure.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}