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  "documentTitle": "Trian Partners | Activist Presentation Deck | 133 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
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  "presentationDate": "2024-03-01 00:00:00",
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  "notes": "The chart uses a dark red bar for Disney to emphasize its low performance relative to peers.",
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      "kind": "callout",
      "text": "Disney's overall ROIC significantly underperforms its self-selected \"media industry\" peers despite generating 70% of its operating income from its Experiences business",
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      "text": "Bar chart showing ROIC percentages for Apple, Alphabet, Meta, Netflix, Amazon, Comcast, Warner Bros. Discovery, Disney, and Paramount.",
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      "text": "Disney's current return on invested capital (\"ROIC\") of 6% is materially below its weighted average cost of capital (WACC) of ~9%, suggesting that the Board and management have been poor stewards of shareholder capital.",
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      "kind": "paragraph",
      "text": "According to Disney, \"over the last 5 years, return on invested capital has nearly doubled in [its] domestic parks and [it has] seen sizable increases over that same time frame across the total Experiences portfolio.\"",
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      "kind": "source-note",
      "text": "Source: SEC filings, Company transcripts, FactSet. Note: \"Media Industry (Proxy) Peers\" represents \"Media Industry Peers\" as defined in Disney's 2024 Definitive Proxy Statement...",
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      "kind": "title",
      "text": "Almost Every One of Disney's Self-Selected \"Media Industry\" Peers Have Better Returns on Invested Capital",
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      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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