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  "documentTitle": "Trian Partners | Activist Presentation Deck | 30 slides",
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  "notes": "The slide uses a table format to directly refute specific management claims with counter-arguments regarding accounting definitions and cost of capital.",
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      "text": "Disney's FY2023 ROIC was 5.7%, which is well below the Company's cost of capital and less than half of Disney's reported ROIC in FY 2018. In an apparent effort to avoid this unfavorable comparison, Disney focuses only on \"return on investment\" for selected film franchises (calculated differently) and ROIC for Parks and Experiences. The film franchise \"return on investment\" calculation uses a unique definition that is a portion of revenue divided by a portion of costs and is not equivalent to the ROIC it uses in discussing its Experiences nor the definition of ROIC in its compensation plans. Among other things, this film franchise math seemingly excludes the costs of acquiring the intellectual property in the first place.",
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      "text": "\"Enduring franchises highlight our powerful and unique monetization capabilities... Return on Investment: 9.9x [for the Frozen franchise]; 5.5x [for the Toy Story franchise]; 3.3x [for the Avengers franchise]; 2.9x [for the Star Wars franchise]\" (Page 9) \"[Experiences] FY23 ROIC was nearly 2.5x our cost of capital...\" (Page 22)",
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      "text": "13 Source: SEC filings, FactSet. Based on an estimated cost of capital of 9%. 14 Source: Disney Proxy Statement at page 43.",
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      "text": "Disney's Claim vs Trian's Response",
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      "text": "Disney's Performance and Transformation",
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