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Pages 1-6 are a cover letter to Presiding Director Ian M. Cook signed by Nelson Peltz, Peter May, Ed Garden and Josh Frank; pages 7-23 are the analytical 'white paper' titled 'The Case for Separating Global Snacks & Beverages' (a revised/expanded version of one first shared with PepsiCo in November 2013 and publicly referenced in July 2013); pages 24-35 are charted appendices A-I. Trian discloses a $1.2bn position in dollar terms but does not state a percentage, so stake_disclosed_pct is null. Document is primarily text-heavy prose; visual craft concentrates in the appendix peer-gap charts. Campaign ultimately did not result in separation — PepsiCo maintained the integrated structure and Trian wound down the campaign in 2016.", "kpisCited": [ { "detail": "PepsiCo 47% vs Coca-Cola 115% vs Consumer Staples Index 103%", "metric": "Total Shareholder Return since 2006" }, { "detail": "PepsiCo 46% vs Coca-Cola 75%, Consumer Staples 81%, CCE 182%, Dr Pepper 73%, Hershey 57%, Kraft/Mondelez 26%", "metric": "EPS growth 2006-2013" }, { "detail": "PepsiCo 19% vs peer average 26% — a 679 bps gap", "metric": "Consolidated operating margin before advertising" }, { "detail": "PepsiCo ~12% vs peer average 18% — a 670 bps gap (Coca-Cola 24%, Dr Pepper 19%, CCE 13%)", "metric": "Global beverage EBIT margin" }, { "detail": "Only 10.1%, vs Coca-Cola ex-Americas 29% and CCE 13%", "metric": "International (ex-Americas) EBIT margin" }, { "detail": "$1.1bn excluding D&A and pension — equates to $12bn / ~$8 per share at 11x EBITDA", "metric": "Unallocated corporate overhead (2013)" }, { "detail": "$21bn enterprise value ($17bn ex-previously owned equity) — CEO later called it a 'mistake'", "metric": "Bottler re-acquisition (2009)" }, { "detail": "Fell from 7.7% in 2006 to 5.9% in 2013; normalised EPS would have grown only 39% (vs reported 46%)", "metric": "Advertising % of sales" }, { "detail": "Only 7% constant-currency — low end of PepsiCo's own long-term target and peer group", "metric": "2014 EPS growth guidance" }, { "detail": "$15bn since July 2013 separation proposal announcement while S&P 500 and Consumer Staples appreciated", "metric": "Market capitalisation lost" }, { "detail": "Hershey 25.2x PE, L'Oreal 22.7x, P&G 17.6x vs PepsiCo 17.0x", "metric": "Focused-peer trading multiples" }, { "detail": "Beverages lost share in 15 of top 25 countries; snacks in 11 of 25", "metric": "Market share losses 2009-2012" } ], "closingAsk": "Fellow PepsiCo shareholders should examine the record, join Trian in pressing the Board, and create a groundswell of support forcing separation of snacks and beverages.", "extraction": { "at": "2026-04-22 16:38:09+00", "model": "unknown-legacy", "runId": null, "seconds": 251.92773, "promptVersion": null }, "scqaReward": "The $1.1bn of eliminable overhead alone is worth ~$8/share at PepsiCo's 11x EBITDA multiple; re-rating Frito-Lay toward Hershey's 25.2x and running beverages as a Kraft-style cash-return vehicle drives combined value well above today's $78 share price.", "thesisTypes": [ "breakup_spinoff", "operational_turnaround", "multiple_rerating" ], "top3Reasons": [ "PepsiCo TSR of 47% since 2006 trails Coca-Cola's 115% and Consumer Staples' 103%", "$1.1bn of unallocated corporate overhead destroys ~$8/share under the holding-company structure", "Spin-off precedents (Yum!, Pepsi Bottling Group, Dr Pepper Snapple) prove focus unlocks value" ], "scqaSituation": "PepsiCo is a ~$120bn diversified consumer-staples conglomerate pairing #1-globally Frito-Lay snacks with the #2 beverage franchise behind Coca-Cola, run as a single integrated holding company from Purchase, NY under the 'Power of One' operating model.", "thesisSummary": "Trian — a ~$1.2bn PepsiCo holder led by Nelson Peltz — argues that seven years of underperformance under CEO Indra Nooyi stem from the centralised 'Power of One' holding-company structure that has homogenised Frito-Lay's entrepreneurial culture and starved both businesses of focus. Since 2006, PepsiCo's TSR of 47% lags Coca-Cola's 115% and the Consumer Staples Index's 103%; operating margins sit 679 bps below peers and global beverage margins roughly 670 bps below beverage peers. Trian estimates $1.1bn of unallocated corporate overhead alone destroys $8/share, and that a full separation into two standalone $30bn+ companies — following the blueprint of Yum!, Pepsi Bottling Group, and Dr Pepper Snapple — would eliminate dis-synergies through a 'blank sheet of paper' cost programme and drive a meaningful multiple re-rating toward focused-peer multiples such as Hershey's 25x.", "primaryDemands": [ "Separate global snacks and beverages into two standalone public companies via tax-free spin-off", "Eliminate PepsiCo's holding-company structure and at least one major corporate headquarters", "Run a 'blank sheet of paper' zero-based budgeting process to offset dis-synergies", "Hold management publicly accountable for delivering top-tier shareholder returns" ], "scqaResolution": "Fully separate global snacks and beverages into two empowered standalone public companies through a tax-free spin-off, eliminate a layer of corporate headquarters, and run a 'blank sheet of paper' zero-based cost process to neutralise management's estimated $0.8–1.0bn of dis-synergies.", "thesisOneLiner": "PepsiCo has chronically underperformed because its 'Power of One' holding-company structure suffocates Frito-Lay and Pepsi; separate them into two focused companies and the combined value will re-rate materially higher.", "precedentsCited": [ "Yum! Brands / Tricon Global Restaurants spin-off from PepsiCo (1997) — +582% vs McDonald's +189%", "Pepsi Bottling Group IPO (1999) — +217% vs PepsiCo +51% during same decade", "Dr Pepper Snapple spin-off from Cadbury (2008)", "Kraft / Mondelez separation (2012)", "News Corp / 21st Century Fox separation (2013)", "Cadbury standalone — 28% annual EBIT growth, 380 bps margin expansion 2007-2009", "Bloomberg US Spin-Off Index — 286% 5-year return vs S&P 500 148%" ], "scqaComplication": "During CEO Indra Nooyi's seven-year tenure, TSR of 47% has trailed Coca-Cola's 115%, consolidated operating margins sit 679 bps below peers, and shareholders pay roughly $1.1bn of unallocated corporate overhead for integration synergies the data cannot substantiate.", "narrativeInterest": 5, "notableSlidePages": [ 6, 24, 25, 26, 35 ], "peerCompaniesCited": [ "Coca-Cola", "Coca-Cola Enterprises", "Dr Pepper Snapple", "Mondelez", "Kraft Foods", "Hershey", "L'Oreal", "Procter & Gamble", "Green Mountain Coffee Roasters", "Cadbury", "Yum! 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Backing out the benefits of a lower-than-expected tax rate... EPS grew only 5% in 2013.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:03.846+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d9774138-66ab-457d-8b77-18b4881e0b0a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.52 }, "kind": "paragraph", "text": "Management will inevitably defend performance by questioning our timeframes. 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When we publicly presented our White Paper last July, which advocated a separation of beverages and snacks, the market ascribed an increased probability to such a transaction.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:04.457+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7dc95f90-2464-4fd1-ad97-7d0cbdedbb78", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.77, "x": 0.118, "y": 0.087 }, "kind": "paragraph", 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The Bloomberg U.S. Spin-Off Index, representing companies that were recently spun-off from a parent, has generated a 286% total return versus 148% for the S&P 500 over the past five years.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:04.055+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ffe01739-7c1d-4b08-a799-cd86c410ac44", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "How at a meeting in the fall of 2013, CEO Indra Nooyi told Nelson that the acquisition of the bottlers was a \"mistake,\" thereby conceding that $21bn ($17bn excluding the equity PepsiCo previously owned in the bottlers) was misspent.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:21:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac2-71b6-bf4d-c8a5350081c0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "bb679703-333e-4494-b06e-00e6fae39970", "evidence": "Advocating for the separation of PepsiCo's snacks and beverage businesses.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:04.055+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "breakup-spinoff" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 10, "type": "setup", "title": "This is a closing letter from an activist investor presentation.", "function": "closing_ask", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "closing_ask", "functionCanon": { "name": "Closing ask (contrarian)", "slug": "closing_ask", "status": "active", "canonId": "019de52d-18d2-7137-8c99-0a14eb350f0f", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 6, "textChars": 1593, "nDataPoints": 0, "notes": "This is a closing letter from an activist investor presentation.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:03.813+00", "seconds": 3.07, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-4a755dd43689/10", "deck": "/decks/019dd923-622b-71dc-a6db-4a755dd43689", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-4a755dd43689#slide-10", "deckJson": "/decks/019dd923-622b-71dc-a6db-4a755dd43689.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We will closely monitor PepsiCo’s performance and hold management publicly accountable for delivering top-tier shareholder returns.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:21:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac2-71b6-bf4e-3b4000af7551", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.764, "x": 0.118, "y": 0.665 }, "kind": "other", "text": "Nelson Peltz, Founding Partner & Chief Executive Officer; Peter May, Founding Partner & President; Ed Garden, Founding Partner & Chief Investment Officer; Josh Frank, Partner and Senior Analyst", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:03.813+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bdb9256f-c70d-49ed-b96e-a66a3ae5b051", "parentComponentId": null }, { "bbox": { "h": 0.153, "w": 0.764, "x": 0.118, "y": 0.086 }, "kind": "paragraph", "text": "while we understand that management believes the structural review has been completed and hopes to maintain the status quo, we believe the decision is one for the owners of the company. As such, while we remain open to continued dialogue with PepsiCo's management and Board, we have decided to broaden our communications with our fellow shareholders.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:03.813+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6683849c-770d-4f48-b194-b543fa613ca7", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.215, "x": 0.118, "y": 0.825 }, "kind": "paragraph", "text": "cc: PepsiCo Board of Directors", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:03.813+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2e788a3-59bd-443a-9339-7956de9c6a81", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.135, "x": 0.118, "y": 0.625 }, "kind": "paragraph", "text": "Very truly yours,", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:03.813+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af5fa21e-1aaa-4559-b73a-22a44f3a6a7f", "parentComponentId": null }, { "bbox": { "h": 0.356, "w": 0.764, "x": 0.118, "y": 0.253 }, "kind": "paragraph", "text": "We intend to begin meeting with shareholders immediately and will consider conducting public shareholder forums. We ask that shareholders examine the company's record for themselves and review the questions we raise in the attached analysis. We believe many shareholders already agree with us and we will look to inform those who may not have strong views that ours is the right path forward for the company. In addition, we will closely monitor PepsiCo's performance and hold management publicly accountable for delivering top-tier shareholder returns. 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No longer playing the role of \"disruptor,\" Pepsi is trying to compete with an undifferentiated strategy. It is unfortunate because the past decade has seen massive change across beverages. With the move away from carbonated soft drinks (CSDs), customers now accept and often prefer innovative new products to existing ones. This would have been an ideal environment for a fast-moving Pepsi to get in front of consumer trends and grow market share. But with Pepsi shifting to a plodding, \"big company\" mentality reminiscent of Coke in prior decades – and with Coke adopting elements of Pepsi's old entrepreneurial playbook – this has not transpired and Pepsi has instead lost market share.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:04.843+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e990fa2-6334-4b61-a87a-b4f79ad00fbd", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.49 }, "kind": "paragraph", "text": "On the corporate front, PepsiCo was known for running with low overheads, even after the company moved to Purchase in 1970. There were clear lines of accountability between divisions, the business leaders had autonomy over their units, there was an ownership mentality throughout the organization and there was limited interference from corporate. PepsiCo was known as one of the great training grounds for operating executives throughout the 1970s, 1980s and 1990s.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:04.843+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8418370d-147c-41a4-aa96-6b14ad2be9fc", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.17 }, "kind": "paragraph", "text": "As a distant number two competitor in beverages, PepsiCo never had the luxury of following the same strategies as those deployed by industry leader Coke. But PepsiCo nevertheless competed extremely effectively. The company did so, from its earliest days through the 1990s, by playing the role of \"industry disruptor.\" While Coke often took the conservative path, Pepsi was known for being faster on its feet, quicker to introduce new products, more willing to take risks and more willing to occasionally fail by doing so. Pepsi not only survived in this role of \"industry disruptor,\" it thrived.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:04.843+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "848a6594-773c-4ed6-934a-7e130e4f393a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.33 }, "kind": "paragraph", "text": "Meanwhile, Frito-Lay was known historically for having one of the best corporate cultures in America. Its culture was separate and distinct from Pepsi, which made sense given different category and competitive dynamics – snacks versus beverages, push versus pull marketing, Frito-Lay as #1 in an industry with regional competitors versus Pepsi as #2 in an industry with one large competitor. Frito-Lay’s strong culture, combined with a dominant market share in an attractive category, created a force to be reckoned with in the food industry.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:04.843+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8aa52f5b-bdfc-4bce-881e-a9af99e66424", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.83 }, "kind": "paragraph", "text": "The size and influence of PepsiCo’s corporate has expanded over the years, to the detriment of company culture. Rather than leaving management decisions to the business units, PepsiCo has become more centralized and corporate plays a larger role. \"Power of One\" programs have expanded into further reaches of the organization, across categories, geographies and functions such as research and development (R&D) and supply chain. The size of corporate has swelled and, with it, decision-making has slowed and lines of accountability have faded. 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The company “re-set” earnings", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:06.324+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "179d068f-b9d1-45d3-b1e1-80275b13d057", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.18 }, "kind": "paragraph", "text": "We hope that if the Board takes one aspect of our analysis to heart, it is that PepsiCo’s beverage and snacks businesses must recapture the key parts of their identity that allowed them to thrive for generations. The beverage business must return to its role as a fast-moving \"industry disruptor,\" as it will never be competitive following the same path as Coke. And Frito-Lay will lose its dominance over time if management is not given the autonomy to invest for growth without interference from corporate. Changing culture is difficult. 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Despite plans to buy back 4% of the shares during 2014, a lower share count to begin the year, what should be a lower initial cost base given last year’s $1bn of supposed cost savings, another $1bn of promised cost savings planned for 2014 and nearly 100 bps of tax rate favorability, management expects only 7% constant currency EPS growth in 2014 – the low-end of its long-term target and its peer group. 2014 EPS is expected to be only $4.50, basically in-line with 2011 levels.xviii", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:07.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0822075e-c8d6-4512-b7f2-d660d8e9f768", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.78, "x": 0.11, "y": 0.38 }, "kind": "paragraph", "text": "Advertising declines artificially propped up EPS from 2006-2011. Management has defended earnings performance during its tenure by citing the need to re-set earnings and invest back into the business. Specifically, management argues that EPS was purposefully re-set in 2012 to free up $500-600mm for additional advertising and marketing investment. This argument. First, according to the 2012 Annual Report on Form 10-K, advertising and marketing expense only increased $200mm in 2012, or 36% of the promised incremental spend.xix If the other $300-400mm was not spent, why did EPS still decline so much in 2012? Could this be why management brought the one-time Vietnam refranchising gain ($137mm) into “recurring” EPS in 2013, so that the gain would offset additional advertising expense in 2013 ($200mm) that was supposed to have occurred in 2012?xx Second, and most importantly, we believe the need for brand reinvestment was precipitated by years of underinvestment in advertising and marketing from 2006-2011.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:07.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e43389a-1beb-45cf-9d42-819616828e8e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.78 }, "kind": "paragraph", "text": "We find it disappointing that management wants a “free” pass on the 2012 earnings re-set and does not take responsibility for the events that brought it on, specifically a reduction in advertising that spurred a need for brand reinvestment. This is the same management team that was overseeing the company when advertising was declining.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:07.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14731ec5-2f27-45b9-ad3b-9786a77e29ad", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.85 }, "kind": "paragraph", "text": "With productivity consistently failing to hit the bottom-line, we question whether associated restructuring charges should be added back to core EPS every year. PepsiCo says that it will successfully complete its three-year, $3bn productivity program this coming year. Nevertheless, management’s 2014 guidance implies operating profit will be essentially flat over", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:07.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e1aed84-418b-4db7-90f7-07e6a72c4cc9", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.08 }, "kind": "paragraph", "text": "significantly in 2012, cutting EPS from an expected ~$5.00 to $4.10 because the brands needed reinvestment. And even with the major EPS re-set in 2012, currency-neutral EPS grew only 5% in 2013 after backing out the highly unusual inclusion of a Vietnam refranchising gain embedded in “recurring” EPS as well as tax rate favorability. This rate of growth is well below the 10% EPS growth that PepsiCo’s peers delivered this year (normalized for currency and tax) as well as the company’s target of “high single digit” EPS growth over time.xvii See Appendix D for details.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:07.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5339859b-e923-4c33-b3dd-eaac5f99b2ef", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.78, "x": 0.11, "y": 0.64 }, "kind": "paragraph", "text": "Advertising and marketing expense as a percentage of sales decreased from 7.7% in 2006 (and 8.7% in 2005) to 6.5% in 2009, the year prior to the bottling acquisitions. Even factoring in the shift in sales mix after the bottlers were acquired, we estimate that advertising and marketing expense as a percentage of sales declined another 34 bps from 2009-2011. Overall, we estimate that advertising and marketing been held constant as a percentage of sales from 2006-2013, adjusting for the bottling acquisitions, PepsiCo’s EPS would have grown only 39% over this period (~700 bps worse than reported EPS growth).xxi See Appendix E for details.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:07.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76d42075-9e28-479d-95b4-a976339ddcf9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "03c95b6a-3366-4138-a8a4-fc1eb0d56334", "evidence": "The text explicitly challenges management's accounting and narrative regarding EPS re-sets and cost savings.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:06:07.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 15, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 11, "name": "Problem (Identify pain)", "beatId": "eb8f2230-e106-4232-abe6-7450d793d5ee", "matchId": "a5d808df-f94a-44d7-8188-9fd0fb3e9eea", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The document highlights PepsiCo's underperformance and market share loss.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. 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We believe PepsiCo’s performance disproves the “Power of One”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:04.913+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98018d96-cee9-419f-bbb1-89f0626a8327", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe PepsiCo’s performance disproves the “Power of One”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:21:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac2-71b6-bf4f-eb643640a713", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.34 }, "kind": "paragraph", "text": "As PepsiCo has expanded the influence of corporate, the rhetoric around “Power of One” has intensified... the fact that PepsiCo’s financial results, more than anything else, disprove “Power of One.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:04.913+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1de56cc0-ac4c-4560-b821-c3989542d106", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.78, "x": 0.11, "y": 0.17 }, "kind": "paragraph", "text": "Last week, management announced a new five-year, $5bn productivity program through 2019. This suggests productivity is becoming a recurring fact for PepsiCo for the foreseeable future... we believe the company has bigger problems than it is admitting.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:04.913+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2497924c-8d6c-42a5-ad64-9f297c5efeac", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.56 }, "kind": "paragraph", "text": "Following the Q3 earnings release in October 2013, CFO Hugh Johnston told Bloomberg that beverages were “largely in-line” with competitors... If PepsiCo’s management and Board are not concerned with the trajectory of beverages... we would like to understand what we are missing.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:04.913+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e379326-3895-4e8a-ada4-ab5706a41003", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.66 }, "kind": "paragraph", "text": "In early 2012, management put N. American beverages in a category of businesses that the company would need to fix... Yet management recently announced that not only will it retain beverages... but that there will effectively be no “structural” change.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:04.913+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5460b4b2-c921-43ca-8497-928d44840a3c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.08 }, "kind": "paragraph", "text": "The three years of the program (2011-2014E) meaning that little or none of the cost savings have benefitted the bottom-line. 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If PepsiCo is so willing to give up the potential for synergies in two of the biggest and fastest growing countries in the world, we are hard pressed to believe that operating synergies elsewhere in the world are material.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:06.284+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "407b7069-964a-4e5e-bf37-6dbfbd7c0ff0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.08 }, "kind": "paragraph", "text": "the majority of its snacks and beverages portfolios in its self-defined “key strategic markets.” See Appendix H for details.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:06.284+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b134fdf-452e-4244-9c58-550b11710bb7", "parentComponentId": null }, { "bbox": { "h": 0.23, "w": 0.78, "x": 0.11, "y": 0.59 }, "kind": "paragraph", "text": "Snacks and beverages each generate strong free cash flow on their own to support emerging markets investment. Another management argument as to why snacks and beverages cannot be separated is that the company needs the strong cash flow generated in the U.S. and other developed markets to support emerging markets growth. However, we believe it is clear that standalone snacks and beverage companies, each with $30bn+ in sales and leading brands, would generate significant free cash flow on their own to fund growth investments. Moreover, we do not believe the availability of capital is the gating item with respect to growth in many of these markets. Frito-Lay has been unsuccessful in materially penetrating countries like China because consumer tastes differ. Being successful in these markets requires new approaches and ideas, not simply more dollars to invest. We believe focused management teams dedicated to growing their businesses are more likely to find breakthrough ideas.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:06.284+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72d1ab3a-f685-4ee0-a07d-6237d735e31b", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.78, "x": 0.11, "y": 0.27 }, "kind": "paragraph", "text": "China and Mexico bottling deals limit scope of “Power of One” synergies. In 2011, PepsiCo announced agreements to contribute its Chinese and Mexican bottling operations to partners in exchange for small equity interests. These transactions had several near-term benefits, as PepsiCo was reportedly losing $180mm annually in China and the business was going to require significant plant capital expenditures. We suspect the company may not have hit short-term EPS targets had management retained these businesses. But Trian is on record stating PepsiCo may have mortgaged its future by relinquishing control of its brands in these two key strategic markets. Mexico is the largest beverage market in the world in terms of per capita CSD consumption. China is projected to become the world’s largest beverage market in total sales by 2015.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:06.284+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7322b764-6d90-4b6d-bf7f-c0adb1229109", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.83 }, "kind": "paragraph", "text": "The “global beverage war” ended long ago. The “global war” to win #1 share was settled long ago in almost every major beverage market. Coca-Cola has the stronger position across most of the globe while PepsiCo has areas of regional strength. That is not to say that Coke and Pepsi don’t fight for share on a daily basis but simply that leadership positions have generally been determined. The few areas of the world where the top market share position is still being", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:06.284+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7ac4ac7-a808-4c1f-a5c5-7275142f6c30", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.78, "x": 0.11, "y": 0.12 }, "kind": "paragraph", "text": "There is little evidence that “Power of One” drives improved performance around the world. A recent analysis by a third-party research firm concluded that across PepsiCo’s top markets, higher market shares in one business unit (snacks or beverages) has not translated into better organic growth for the other. Said another way, there does not appear to be statistical data supporting the claim that in countries where either beverages or snacks has a market leading presence, the other category is more likely to gain market share over time. See Appendix I for details.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:06.284+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d334f466-c014-43df-91c8-3d2f7ceee363", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.03, "x": 0.85, "y": 0.93 }, "kind": "source-note", "text": "17", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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PepsiCo still goes to market in snacks through different local brands around the world.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:06.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1272b668-7ae5-4aab-82e5-f6695eb0b783", "parentComponentId": null }, { "bbox": { "h": 0.053, "w": 0.772, "x": 0.118, "y": 0.489 }, "kind": "paragraph", "text": "In addition to margin, we note that the total amount of EBIT generated across half of the globe (Asia, Middle East and Africa segment) is 15% less than PepsiCo's unallocated corporate overhead when backing out the Vietnam gain.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:06.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a77ebb77-fe8a-44eb-8515-e0446d808b03", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.772, "x": 0.118, "y": 0.087 }, "kind": "paragraph", "text": "contested are select developing markets where companies are fighting as much to gain consumer acceptance of their products as they are to gain share from each other.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:06.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2ad7ccf-7e22-4d0f-aebb-f86d59cf88a7", "parentComponentId": null }, { "bbox": { "h": 0.071, "w": 0.772, "x": 0.118, "y": 0.141 }, "kind": "paragraph", "text": "Despite operating in more than 200 countries, PepsiCo generates the majority of its sales and profits from a handful of markets. Within snacks, the company's top 10 countries represent 85% of total PepsiCo snacks retail sales. Within beverages, the company's top 10 countries represent 80% of total PepsiCo beverage retail sales.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:06.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7e825b2-951e-4683-aacc-2b2c7a273dfb", "parentComponentId": null }, { "bbox": { "h": 0.125, "w": 0.772, "x": 0.118, "y": 0.307 }, "kind": "paragraph", "text": "PepsiCo's 10.1% EBIT margin outside the Americas suggests significant opportunity. PepsiCo's EBIT margin outside the Americas is only 10.1% after allocation of corporate expense... Coca-Cola Enterprises has a 13% EBIT margin... Snacks companies tend to have mid-to-high teens EBIT margins internationally.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:06.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "faac27cf-2e50-4d04-811d-fb403a302f31", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 27, "from": 11, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... 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Standalone Cadbury management... delivered 28% annual EBIT growth and improved margins by 380 bps from 2007 through 2009.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:06.508+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "458727b4-581d-4e65-9968-5d3a29d86f04", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.53 }, "kind": "paragraph", "text": "In 2013, Dr Pepper Snapple delivered 10% constant currency EPS growth. In 2014, Dr Pepper Snapple is guiding to 6-8% constant currency EPS growth.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:06.508+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "52fb852d-7f27-4318-97ca-284e5e512922", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.78, "x": 0.11, "y": 0.08 }, "kind": "paragraph", "text": "management promised the transactions would be accretive... PepsiCo was forced to conduct a major EPS re-set as beverage performance... had declined precipitously", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:06.508+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4fbc142-9bb4-4d95-baec-4193d88dcba5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.22 }, "kind": "paragraph", "text": "Dr Pepper Snapple Group. One of the primary reasons cited as to why snacks and beverages should not be separated is that a standalone PepsiCo beverage business cannot compete effectively against Coca-Cola. We disagree.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:06.508+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb5de382-6bb8-4bfc-9818-8f2ce2623973", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "management promised the transactions would be accretive, provide synergies that could be reinvested back in the brands and allow PepsiCo to “take to a whole new level our ‘Power of One’ program of bundled food and beverage offerings” — PepsiCo press release, 4/20/09", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:21:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac2-71b6-bf4f-78abbbd3fe80", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.8 }, "kind": "title", "text": "Separating snacks and beverages increases probability of a valuation multiple re-rating", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:06.508+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06126bd2-6d51-48d6-87ed-38a5ecae15d1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "071fd263-7b65-4593-8b58-bbbd0abc4eb3", "evidence": "The slide argues for the benefits of separating snacks and beverages by analyzing the performance of Dr Pepper Snapple and Cadbury after their respective spin-offs.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:06.508+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "breakup-spinoff" } ], "arcBeats": [ { "to": 27, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 23, "name": "Solution (Provide relief)", "beatId": "a1ceaa85-836d-47c5-9c4b-32d4a2fa7caa", "matchId": "a5d808df-f94a-44d7-8188-9fd0fb3e9eea", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The document presents the benefits of separating snacks and beverages businesses.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. 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One notion is to further integrate beverages and snacks, potentially even combining distribution, in an attempt to create synergies. Given the deterioration in culture and poor operating performance that we believe have accompanied previous integration efforts and \"Power of One\" programs, we view this approach as fraught with risk. It should come as no surprise that Trian does not support any action that further entangles the businesses and blurs the lines of accountability.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:09.31+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28072f94-5dd0-4e5e-81a4-75e7be1abf24", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.11, "y": 0.9 }, "kind": "paragraph", "text": "As PepsiCo represents one of the largest positions in our portfolio, Trian has a vested interest in the future of the company's businesses and brands. We take pride in our standing as a long-term shareholder of companies where we seek to work constructively with the Board and management to implement strategic and operating initiatives to enhance value. We would not recommend a separation of the snacks and beverage businesses if we were not convinced that it is the best path forward for PepsiCo, its brands and shareholders for the long-term.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:09.31+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86a3ab67-dca5-4b06-9b37-849a543380f1", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.67 }, "kind": "paragraph", "text": "We foresee a full separation driving much higher value for shareholders over time than other alternatives, even assuming management executes its plan of high single digit EPS growth in the current structure. But we are concerned that PepsiCo will not execute its plan. As we have shown, EPS growth in recent years has been well below public targets and that of peers. We question the quality of earnings in 2013 given one-time items and tax, while we view 2014 EPS guidance as weak. Results are particularly disappointing following a major EPS re-set in 2012 that was intended to re-ignite growth. The profit growth that PepsiCo has generated over the past seven-plus years has too often been driven by price increases and advertising reductions. If PepsiCo continues down this path, we foresee an ongoing cycle whereby management intermittently re-sets EPS lower, delivers several years of unsustainable growth, only to re-set EPS yet again when brand reinvestment is inevitably needed", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:09.31+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2613f49-fa21-4f34-b5c1-80593a734fbc", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.15 }, "kind": "paragraph", "text": "This is the case for focused large cap companies (Hershey, with a market cap of $23bn, trades at 25.2x PE, a premium to diversified food and beverage companies such as PepsiCo at 17.0x PE) and focused mega-cap companies (L'Oreal, with a market cap of $74bn, trades at 22.7x PE, a premium to diversified personal care companies such as P&G at 17.6x PE).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:09.31+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0b618c4-0a14-4ef6-851d-690c806f70cc", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.28 }, "kind": "paragraph", "text": "Meanwhile, a standalone beverage business offers investors lower growth but strong, stable free cash flow that can be optimized through an efficient balance sheet and capital return program. Kraft Foods Group, perceived to be a slow growth N. American grocery business recently spun-off from Mondelez, trades at a premium multiple to many large-cap food peers based on similar positioning. 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null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:08.635+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73bf16e0-3015-4fc5-9747-cd5753e1ee1c", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.05, "y": 0.28 }, "kind": "chart", "text": "2013 EBIT Before Advertising: % of Net Sales", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", 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Note: The estimates, projections, pro-forma information and potential impact of Trian's ideas...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:08.635+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c6040de-a775-4d50-8686-ba001875a9cb", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.15 }, "kind": "list", "text": "PepsiCo EBIT margin before advertising expense is well below the peer group\nThough PepsiCo does not disclose its international beverage margin, we estimate its global beverage business has a 12% EBIT margin\nEven Coca-Cola Enterprises has a higher margin", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:08.635+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d19d9a33-6ff4-4438-809f-a570dee5c483", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBIT margin: 19%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": 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"2026-05-02 21:06:09.963+00", "seconds": 5.89, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-4a755dd43689/30", "deck": "/decks/019dd923-622b-71dc-a6db-4a755dd43689", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-4a755dd43689#slide-30", "deckJson": "/decks/019dd923-622b-71dc-a6db-4a755dd43689.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "EPS has grown at a significantly lower rate than the consumer staples index and key competitors like Coca-Cola", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:21:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac2-71b6-bf4f-35b68a9a0064", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.36, "x": 0.09, "y": 0.225 }, "kind": "chart", "text": "PepsiCo Adjusted EPS Has Stalled...", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:09.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26fb2851-ff1d-4099-9bc7-7a172446856e", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.4, "x": 0.51, "y": 0.225 }, "kind": "chart", "text": "...And EPS Growth(2) Has Trailed Peers", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:09.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60053b44-a4bb-4670-ad30-9815d95ad1e3", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.82, "x": 0.09, "y": 0.73 }, "kind": "disclaimer", "text": "Source: Company SEC Filings and Bloomberg. Note: The estimates, projections, pro-forma information and potential impact of Trian's ideas set forth herein are based on assumptions that Trian believes to be reasonable...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:09.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "221c7fae-6c05-40f1-8c6c-cf8c4804f567", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.1, "y": 0.15 }, "kind": "list", "text": "EPS has grown at a significantly lower rate than the consumer staples index and key competitors like Coca-Cola\nEPS has only grown 19% in total over the past five years (3% CAGR)(1)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:09.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9765c254-a546-485d-849c-1238ff7c5f07", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EPS Growth: 46%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": 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"chart", "text": "2013 Constant Currency EPS Growth, Normalized For Tax, is Below Peers and Long-Term Guidance", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:08.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d45b1da5-8ca6-4ba1-bd80-22374ebae753", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.4, "x": 0.08, "y": 0.35 }, "kind": "chart", "text": "PepsiCo 2012 Consensus EPS Estimate Over Time", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:08.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73551e3a-b955-4e76-b46b-a1f864509de0", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.08, "y": 0.15 }, "kind": "list", "text": "PepsiCo reset EPS in 2012 to $4.10, well-below prior consensus expectations of $5.00, partly due to $500-$600m in additional brand support. Despite the reset and significant brand investment, 2013 EPS grew only 7%, when normalized for tax, below the peer average and at the low-end of PepsiCo's long-term guidance. Excluding the gain related to refranchising the Company's bottling operations in Vietnam, EPS increased only 5%. 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In our view, this is an unsustainable long-term financial equation... (Consumer Edge, 7/25/13)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:08.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e8c10fa-7330-4f0a-a5a9-6807cc5d1fc2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.66 }, "kind": "quote", "text": "'Recurring' Beat Driven by 'One-time' Gain? Same Guidance Costs More... We found the company's inclusion in 'core' of this one time item [Vietnam gain] as rather bothersome. (Bernstein, 7/25/13)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:08.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5845a81c-b3a4-4ccd-bd91-2a4cf9cbae99", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Recurring' Beat Driven by 'One-time' Gain? Same Guidance Costs More... We found the company's inclusion in 'core' of this one time item [Vietnam gain] as rather bothersome.\" — Bernstein, 7/25/13; \"PepsiCo is now guiding to ~5% FX neutral EPS growth (ex Vietnam benefit) lapping 5% declines a year ago... Given what we see as low-quality earnings, we would prefer to put money to work elsewhere.\" — Consumer Edge, 7/25/13", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:21:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac2-71b6-bf4f-c5dca8ab4e58", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.87 }, "kind": "source-note", "text": "Source: Capital IQ and SEC Filings. Note: The estimates, projections, pro-forma information... (1) Assumes 2013 effective tax rate is equal to 2012 tax rate (2) Peers include Coca-Cola, Dr Pepper Snapple, Mondelez, Hershey and Coca-Cola Enterprises.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:08.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7fc2eba8-2317-4c32-aba3-3b1258a9bd6c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.08, "y": 0.12 }, "kind": "title", "text": "Appendix D: Despite 2012 EPS Reset, 2013 EPS Growth was Below Peers", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:08.326+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef24f9a7-7868-4638-9d0c-b4f2b9f3d50b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 39, "from": 28, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "c3653c19-c95b-4b9e-b777-8d7d55cf49c7", "evidence": "The document presents data and analysis on the potential costs of inaction.", "position": 1, "objective": "To highlight the costs of inaction and the potential benefits of separation.", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:02.791329+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 32, "type": "analysis", "title": "Includes pro-forma adjustments for acquisitions (PBG, PAS, WBD) and tax effects.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 57, "componentCount": 7, "textChars": 1068, "nDataPoints": 150, "notes": "Includes pro-forma adjustments for acquisitions (PBG, PAS, WBD) and tax effects.", "elementsJson": [ "headline_text", "bullet_list", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:11.868+00", "seconds": 7.609, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-4a755dd43689/32", "deck": "/decks/019dd923-622b-71dc-a6db-4a755dd43689", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-4a755dd43689#slide-32", "deckJson": "/decks/019dd923-622b-71dc-a6db-4a755dd43689.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Had advertising as a percentage of sales been held constant at 2006 levels (adjusting for the mix impact from acquisitions), EPS would have grown only 39% from 2006-2013 – 700 bps lower than reported EPS growth", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:21:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac2-71b6-bf4f-a951091162b8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.86 }, "kind": "disclaimer", "text": "Source: Company filings. 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"slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:11.868+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4cc85400-52e6-4336-95c3-b2cd3047f040", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.08, "y": 0.12 }, "kind": "title", "text": "Appendix E: Advertising & Marketing Decline Over Time and Impact on EPS", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." 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"019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:06.646+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8caa3935-a3bf-459f-87f6-48b560a7c995", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Power of One is emerging as a significant competitive advantage for PepsiCo in North America...PepsiCo offers multiple go-to-market systems and flexibility to our customers.\" — PepsiCo Management (10/23/2006); \"We think we have...distinct capabilities at PepsiCo that give us a competitive advantage in the marketplace...Power of One is more than 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"arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 11, "to": 15, "label": "Problem (Identify pain)", "description": "The document highlights PepsiCo's underperformance and market share loss." }, { "from": 16, "to": 20, "label": "Agitate (Make it worse)", "description": "The document critiques management's strategic errors and marketing approach." }, { "from": 23, "to": 27, "label": "Solution (Provide relief)", "description": "The document presents the benefits of separating snacks and beverages businesses." } ], "loops": [ { "from": 11, "to": 27, "label": "Logic Chain", "description": "To present a logical chain of arguments for separating snacks and beverages businesses." }, { "from": 28, "to": 39, "label": "Cost Of Inaction", "description": "To highlight the costs of inaction and the potential benefits of separation." } ] }