{
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  "docSlug": "36531221f1c67575f86f87d8dbd73e65",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 133 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-03-01 00:00:00",
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  "pageNumber": 11,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 2,
  "notes": "Uses a quote-contradiction framework to undermine management's narrative.",
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  "slideHref": "/slides/019de077-1511-74ad-8779-d4a5bd51f53e/11",
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      "kind": "chart",
      "text": "FY 2025 Consensus Earnings per Share (\"EPS\") Evolution Since Disney's Initial Announcement of Cost Savings",
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      "text": "Key Trian / Shareholder Questions: How does a company allow itself to get to a point where it has $7.5 billion of costs to cut? What went wrong? Is Disney cutting the \"right\" costs (inefficient spend & overhead) or the \"wrong\" costs (quality / growth / content spend) that can hurt long-term growth?",
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      "kind": "paragraph",
      "text": "The market appears to lack confidence in Disney’s $7.5 billion cost reduction plan; Wall Street consensus estimates for FY 2024 and FY 2025 are now lower than they were when the commitments were made in February 2023.",
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      "kind": "quote",
      "text": "“Our strategy is working, as evidenced by our strong financial results…” – Disney Letter to Shareholders, February 12, 2024",
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      "kind": "source-note",
      "text": "Source: FactSet as of 02/23/24, SEC filings.",
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      "kind": "title",
      "text": "Despite its So-Called \"Unprecedented Transformation,\" Earnings Estimates Have Fallen Materially",
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      "evidence": "Contrasts management quote with declining financial performance data.",
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      "evidence": "The document identifies Disney's underperformance and the board's failures as the root cause of the problem.",
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      "name": "Logic Chain",
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      "evidence": "The document presents a clear logical chain of events leading to Disney's underperformance.",
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      "objective": "To present a logical chain of events leading to Disney's underperformance",
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