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  "docSlug": "jarvis-macellum-kohls-presentation-april-2022",
  "documentTitle": "Macellum Kohls Presentation April 2022",
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  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-04-01 00:00:00",
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  "pageNumber": 13,
  "pageCount": 168,
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  "slideType": "preempt_rebuttal",
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  "notes": "The chart uses a dual-axis combination of a bar chart (CapEx) and a line chart (EBIT) to illustrate the inverse relationship between rising investment and falling profitability.",
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      "kind": "callout",
      "text": "Kohl's stock dropped 13% the day of its analyst day and release of the 3-year plan",
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      "kind": "chart",
      "text": "Estimated Cumulative CapEx vs. Annual EBIT ($s in millions)",
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      "kind": "list",
      "text": "The 3-year plan is unlikely to result in a stock price close to the reported offer prices: Unaffected price was $46.84; stock trading 15% below offers; likely to revert below $46 if no sale or board change.",
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      "kind": "list",
      "text": "Disappointing Investor Day: Kohl's 3-year plan resulted in analyst projecting a 19% decline in EBIT from 2021; plan is inherently risky; needs revenue growth; historical sales growth failure.",
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      "kind": "other",
      "text": "Source: Company SEC Filings, Bloomberg LP. Estimates are combination of Kohl's Long-term CapEx Guidance and Bloomberg LP 2024 Consensus Estimates for EBIT. Note: 1 Company SEC Filings and Investor Day Transcripts Accessed Through Bloomberg LP",
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      "kind": "title",
      "text": "NEW 3-YEAR PLAN WOULD RESULT IN EBIT DECLINES AND HAS MEANINGFUL RISK",
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