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Weaponizes interim CEO Keith McLoughlin's own 4Q18 earnings-call words ('Simply put we lost focus... we didn't have a culture of accountability') as a scathing indictment of the board he serves on. Partners with Dorrance-family heir George Strawbridge Jr., lending insider legitimacy. Proposes 12-person full-board replacement (rare full-slate attempt). No stake % disclosed in deck (disclosed in 13D filings 8.9.18 separately). No personal signature from Daniel Loeb — firm-credited only.", "kpisCited": [ { "detail": "Campbell 19% vs S&P 500 306%; trails Kellogg (261%), General Mills (331%), Hershey (359%), Smucker (662%), McCormick (1,342%), Hormel (1,586%)", "metric": "20-year total shareholder return" }, { "detail": "Campbell 31% vs Hormel 424%, McCormick 323%, Hershey 220%, S&P 500 197%", "metric": "10-year TSR" }, { "detail": "Campbell 2% vs McCormick 122%, Hormel 104%, S&P 500 91%", "metric": "5-year TSR" }, { "detail": "Campbell (22%) vs McCormick 71%, S&P 500 65%", "metric": "3-year TSR" }, { "detail": "Campbell (20%) vs McCormick 32%, Hormel 27%, S&P 500 18%", "metric": "1-year TSR" }, { "detail": "Declined every quarter from 1Q16 to 4Q18 except 2Q17 (+1%); 4Q18 down 14%", "metric": "US soup sales growth" }, { "detail": "Campbell (2.4%), other brands +1.0%, private label +1.4%", "metric": "US soup market share change (52 weeks)" }, { "detail": "$92m at 2012 Bolthouse acquisition to ($43m) loss in FY18", "metric": "Fresh food segment EBIT" }, { "detail": "Organic sales (3%), Underlying Adj. EBIT (16%), Adj. EPS (50%)", "metric": "Fiscal 4Q18 growth" }, { "detail": "Fell from 26.8% in FY10 to 11.8% in FY18 and 8.5% FY19E", "metric": "Return on Invested Capital" }, { "detail": "Over 5x net debt / EBITDA after Snyder's-Lance all-debt acquisition", "metric": "Leverage" }, { "detail": "Over $8 billion across Bolthouse, Plum, Kelsen, Garden Fresh, Pacific, Snyder's-Lance", "metric": "Acquisition spend since 2012" }, { "detail": "$6bn at nearly 20x EBITDA (March 2018)", "metric": "Snyder's-Lance purchase price" }, { "detail": "$700m in 2017, ~2% dilutive to FY18 EPS", "metric": "Pacific Foods purchase price" }, { "detail": "Over $60 million despite series of strategic and operational missteps", "metric": "Denise Morrison total compensation (2011-2018)" }, { "detail": "47% of analysts with 'sell' rating on CPB vs 5-28% for peers; price targets $31-36 (stock at $36.63)", "metric": "Sell-side sentiment" }, { "detail": "14-15x EBITDA on $1.81bn FY19E consensus EBITDA = $52-58 per share", "metric": "Implied sale value" } ], "closingAsk": "Time to #RefreshTheRecipe and elect the Independent Slate at the 2018 annual meeting — visit www.RefreshCampbells.com.", "extraction": { "at": "2026-04-22 16:30:10+00", "model": "unknown-legacy", "runId": null, "seconds": 175.4518, "promptVersion": null }, "scqaReward": "Comparable packaged-food transactions at 14-15x EBITDA imply a sale value of $52-58 per share — roughly 40-60% upside from the ~$37 pre-campaign stock price and restoration of ROIC from 8.5% back toward historical 20%+.", "thesisTypes": [ "governance_board", "management_change", "breakup_spinoff", "sale_of_company", "operational_turnaround" ], "top3Reasons": [ "20-year TSR of 19% vs 306% for S&P 500 — worst-in-class across every horizon (1Y, 3Y, 5Y, 10Y)", "Board squandered $8bn+ on acquisitions (Bolthouse, Pacific, Snyder's-Lance) and left CPB with 5x leverage and no CEO", "Sale at 14-15x EBITDA implies $52-58 per share versus ~$37 pre-campaign stock price" ], "scqaSituation": "Campbell Soup is an iconic 120-year-old American packaged-foods company with ~$10 billion in sales across soup, baked snacks, simple meals and beverages, anchored by the Dorrance founding family's legacy ownership stake.", "thesisSummary": "Campbell's incumbent board has overseen two decades of value destruction — 19% total shareholder return versus 306% for the S&P 500 — while squandering over $8 billion on strategic blunders including the Bolthouse Farms fresh-food disaster, overpaying $700 million for Pacific Foods, and a 'bet-the-company' $6 billion acquisition of Snyder's-Lance that left leverage above 5x with no permanent CEO. A May 2018 strategic review produced only marginal divestitures worth ~10% of EBIT, largely recommitting to the failing status quo and allegedly protecting Dorrance-family insiders over public shareholders. 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The information in this presentation is based on publicly available information about Campbell Soup Company (\"Campbell\"). Except where otherwise indicated, the information in this presentation speaks only as of the date set forth on the cover page. Permission to quote third party reports in this presentation has been neither sought nor obtained.\n\nThis presentation may include forward-looking statements that reflect the current views of Third Point LLC (\"Third Point\"), the proposed director nominees and other participants in the solicitation of proxies from stockholders of Campbell for the 2018 annual meeting of stockholders of Campbell, with respect to future events. Statements that include the words \"expect,\" \"intend,\" \"plan,\" \"believe,\" \"project,\" \"anticipate,\" \"will,\" \"may,\" \"would,\" and similar words are often used to identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond the control of the parties making such statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements. Any forward-looking statements made in this presentation are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Campbell or its business, operations, or financial condition. 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