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"storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "collaborative", "notes": "Unusual posture for Trian: an explicitly collaborative, management-endorsing activist deck — no villain, no board seat demand, Immelt is quoted affirmatively. Title 'Transformation Underway... But Nobody Cares' is the deck's memorable SCQA hook. Visual style is functional institutional PowerPoint (blue/grey palette, standard column/bar charts); charts are competent but not stealable. Stake is disclosed only in dollars (~$2.5bn, top-10 holder), not as a percent.", "kpisCited": [ { "detail": "~$2.5bn, a top-10 shareholder position", "metric": "Trian stake in GE" }, { "detail": "$25.47 / ~$260bn as of October 2, 2015", "metric": "GE share price / market cap" }, { "detail": "<14x 2015 pro forma EPS — a 14% discount to S&P 500", "metric": "Pro forma P/E" }, { "detail": "~1% per year, materially below industrial peers", "metric": "EPS CAGR (2004-2014)" }, { "detail": "83% Services vs 17% Equipment", "metric": "Services share of Industrial EBIT" }, { "detail": "6% CAGR, from $26bn to $46bn", "metric": "Services revenue CAGR 2004-2014" }, { "detail": "GE -5% vs 30% industrial peer average", "metric": "Peak-to-trough adjusted EBIT decline 2007-2010" }, { "detail": "14.0% vs 15.5% peer average; target 16% by 2018, 18% over time", "metric": "GE Industrial EBIT margin (2014)" }, { "detail": "Power & Water 17.2% vs Siemens 10.9%; Aviation 18.5% vs RR 14.6%; Healthcare 14.5% vs Siemens 15.0%", "metric": "Segment margins vs peers" }, { "detail": "Falls from 60-70% historically to <10% of 2018 EPS", "metric": "GE Capital share of earnings" }, { "detail": "~$21.5bn of additional financial debt at ~2x adjusted EBITDA (AA/A credit)", "metric": "Incremental leverage capacity by 2018" }, { "detail": ">$110bn ( >40% of market cap) — $20bn Synchrony, $35bn GE Capital exit, $30bn dividends, $22bn from leverage, $4bn upside", "metric": "Capital return potential 2H15-2018" }, { "detail": "$1.32 (2015e) → $1.84 pro forma → $2.20+ Trian case", "metric": "2018 EPS bridge" }, { "detail": "11 major acquisitions since 2010 totalling $30.3bn at 10.3x EBITDA (mixed returns)", "metric": "M&A track record" }, { "detail": "19.5x NTM P/E, 21% 5-yr average premium to S&P (Colgate, PepsiCo, Disney, Danaher)", "metric": "Mega-cap defensive-growth peer multiple" } ], "closingAsk": "We intend to work collaboratively with management to help realize the substantial value in GE.", "extraction": { "at": "2026-04-22 16:41:50+00", "model": "unknown-legacy", "runId": null, "seconds": 220.6649, "promptVersion": null }, "scqaReward": "Re-rating toward mega-cap defensive-growth peers on >$2.20 of 2018 EPS implies $40-$45/share by year-end 2017 — 56-76% upside and a 22-28% IRR over ~2.25 years.", "thesisTypes": [ "operational_turnaround", "capital_return", "cost_cutting", "undervaluation", "multiple_rerating" ], "top3Reasons": [ "GE's pivot out of GE Capital leaves a focused 'defensive growth' industrial that the market underappreciates at <14x pro forma EPS", "Margin expansion to 16% plus ~$20bn of prudent leverage and disciplined buybacks bridges 2015 EPS of $1.32 to >$2.20 in 2018", "Re-rating toward mega-cap defensive-growth peers implies $40-$45/share by end-2017, 56-76% upside on a $25.47 price" ], "scqaSituation": "GE is one of the world's leading infrastructure companies with an 83%-services industrial model and a ~$260bn market cap; Trian owns ~$2.5bn of stock, one of the top ten holdings.", "thesisSummary": "Trian beneficially owns approximately $2.5bn of GE, making it a top-10 shareholder, and argues management has already done the hard structural work — exiting the majority of GE Capital so financial services will be less than 10% of 2018 earnings — but the market remains skeptical and the stock trades below 14x pro forma EPS at $25.47. The path to ~$40-$45/share by year-end 2017 rests on three actions: expand GE Industrial operating margins to at least 16% by 2018 versus 14% in 2014 (and 18% over time), incur roughly $20bn of incremental net leverage to run a prudent ~2x adjusted EBITDA capital structure while keeping an upper-investment-grade rating, and deploy that capacity plus divestiture proceeds into over $110bn of buybacks — more than 40% of today's market cap. 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Note: The estimates, projections, pro forma information...", "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 21:05:37.484+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f54c9acb-54a6-46cc-9ce2-a6234f55531e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Implied value per share: $45", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": 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Unless otherwise indicated, the figures set forth in this presentation have not been calculated using generally accepted accounting principles (GAAP) and have not been audited by independent accountants. Such figures may vary from GAAP accounting in material respects and there can be no assurance that the unrealized values reflected in this presentation will be realized. This presentation does not recommend the purchase or sale of any security.\n(1) Pro forma for Alstom acquisition, announced GECC capital returns and Synchrony split-off. Alstom acquisition is subject to closing conditions. GECC capital returns and Synchrony split-off are subject to regulatory approval.", "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 21:05:42.475+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b063372-6f7b-47fc-8388-b9caab600e1b", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.88, "x": 0.06, "y": 0.11 }, "kind": "list", "text": "GE is one of the world's great businesses\nWe have followed GE for many years and have a strong relationship with management\nGE's transformation is significant: +90% Industrial EPS (vs. 40-60% historically); significant 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Note: GE Industrial segment EBIT margins exclude the Financial services components reported in the Infrastructure segment from 2005-2007. 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