Icahn Enterprises Activist Presentation Deck | Slidebook.io

Icahn Enterprises Activist Presentation Deck

April 2018, 44 slides

corporation rescuing and revitalizing an icon | Icahn Enterprises

disclaimer | Icahn Enterprises

about us | Icahn Enterprises

about us a | Icahn Enterprises

table of contents | Icahn Enterprises

executive summary | Icahn Enterprises

section i | Icahn Enterprises

shares have significantly relevant and peers over the last five years | Icahn Enterprises

management touts of cost savings in but of those cost savings were offset by opaque cost creep | Icahn Enterprises

in fact only of management apparent of cost cuts over the past two years flowed to the bottom line | Icahn Enterprises

also has a disgraceful governance record the company concealed the crown jewel lock up it gave fuji at least years ago and now claims that the lock up prevents anyone other than fuji from buying it sad a formerly iconic us company selling control to a company joint venture but there agreement which made it practically impossible for to sell to anyone else a really amazing problem is a | Icahn Enterprises

but we believe never thoroughly explored transactions with other buyers or tried to capitalize on its obvious points of leverage over fuji | Icahn Enterprises

and the experts agree with us | Icahn Enterprises

based on this record should we really trust that current management and board have negotiated a transaction that maximizes shareholder value history tells us the answer is no | Icahn Enterprises

section | Icahn Enterprises

the proposed transaction has a tortured and convoluted structure that results in fuji acquiring control of without spending a penny | Icahn Enterprises

the total illustrative value of the proposed transaction is much lower than claims | Icahn Enterprises

in large part because analysis values fuji at a lofty adjusted and at a paltry adjusted | Icahn Enterprises

but that premium is not justified fuji competes in a smaller market has significantly lower margins and is on track for two consecutive years of revenue declines | Icahn Enterprises

and fuji still has not resolved its recently disclosed accounting scandal which was caused by a culture of concealment and fuji failure to have adequate subsidiary management systems | Icahn Enterprises

applying the same multiples to that the board applies to fuji would result in shareholders owning at least of the combined company | Icahn Enterprises

also inflates the proposed transaction value by capitalizing of the purported synergies using that same lofty and unjustified premium | Icahn Enterprises

on a net cash flow basis the multiple shareholders receive in the proposed transaction is an outrageously low | Icahn Enterprises

in addition if the proposed deal closes shareholders will be passive minority owners of a fuji subsidiary virtually powerless to prevent fuji from abusing its control | Icahn Enterprises

just imagine the most plausible worst case scenario the result will be massive value destruction for shareholders | Icahn Enterprises

section | Icahn Enterprises

as an alternative to the proposed value destroying deal could create tremendous value through a four part strategy | Icahn Enterprises

can achieve growth by capitalizing on the large white space opportunity to expand services to mid market and small and mid size businesses while maintaining market share in enterprise seems eas | Icahn Enterprises

and by partnering with major manufacturers that have no footprint in the adjacent print space | Icahn Enterprises

can drive cost savings by optimizing its wholly owned subsidiary global imaging systems which currently markets and sells competitors products often in over crowded markets to the detriment of | Icahn Enterprises

while at the same time driving more cost savings by rationalizing its confusing commerce and distribution network | Icahn Enterprises

and simplifying its distribution channels towards end to end sellers and companies which will decrease distribution expense without losing reach | Icahn Enterprises

can add another potentially significant revenue stream by monetizing its alto research center which continues to produce some of the world most valuable intellectual property | Icahn Enterprises

historically has failed to monetize valuable intellectual property in any meaningful way | Icahn Enterprises

also needs to fundamentally evaluate the fuji relationship in light of the fact that a fuji needs much more than needs fuji | Icahn Enterprises

is likely fuji customer | Icahn Enterprises

and could find other suppliers for the products it sources from fuji | Icahn Enterprises

redefining the fuji relationship based on these realities will allow to potentially unlock tremendous value | Icahn Enterprises

section | Icahn Enterprises

on a basis if can merely stabilize revenue and actually realize net cost cuts any multiple expansion would drive stock meaningfully higher debt other | Icahn Enterprises

comparing a the realistic potential value of the proposed transaction to the realistic potential value of voting the deal down is a no brainer plus | Icahn Enterprises

vote against the fuji transaction and for a board of directors that can maximize shareholder value | Icahn Enterprises

appendix | Icahn Enterprises

nominee biographies | Icahn Enterprises

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