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Trian Partners · activist-deck

PPG Industries, Inc. (PPG)

42 pages · 5 arc beats · 5 loops

Activist-Deck Download JSON
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PPG Industries, Inc. (PPG)

Trian Partners · 2018-10
arc beats above · slides in the middle · loops below · scroll → 5 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 2
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

5
coverage by narrative range · generated from this deck JSON
Narrative range 53 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Situation & Context 1 slides 100% 1/1 slides 100% 1/1 slides · 8 hits
— 0/1 slides
100% 1/1 slides · 2 hits
— 0/1 slides
100% 1/1 slides
— 0/1 slides
Problem & Complication 11 slides 100% 11/11 slides 100% 11/11 slides · 69 hits
— 0/11 slides
27.3% 3/11 slides · 4 hits 90.9% 10/11 slides 100% 11/11 slides 100% 11/11 slides Solution & Approach 20 slides 100% 20/20 slides 100% 20/20 slides · 126 hits
— 0/20 slides
5% 1/20 slides 90% 18/20 slides · 19 hits 100% 20/20 slides · 34 hits 30% 6/20 slides Evidence & Proof 14 slides 100% 14/14 slides 100% 14/14 slides · 90 hits
— 0/14 slides
— 0/14 slides
100% 14/14 slides · 15 hits 100% 14/14 slides · 28 hits 28.6% 4/14 slides Impact & Next Steps 7 slides 100% 7/7 slides 100% 7/7 slides · 56 hits
— 0/7 slides
— 0/7 slides
85.7% 6/7 slides 100% 7/7 slides 100% 7/7 slides

Slide inventory

42
every slide · same image gating as the playbook
01
Slide 1
front_matter
Open slide detail
02
Page number 1 at bottom right.front_matter
Open slide detail
03
Page number -2- at bottom right.other
Open slide detail
04
frame_situation
Open slide detailBeat · Situation & Context
05
The chart highlights a specific recent trend with a red dashed circle.expose_gap
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
06
The table highlights a 15.1x average EBITDA multiple for recent deals.cite_precedent
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
07
transition
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
08
The slide uses a comparative bar chart to highlight PPG's underperformance relative to peers and the broader market.compare_peers
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
09
The slide highlights a performance gap between PPG and its competitors, specifically referencing volume growth targets relative to GDP.compare_peers
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
10
The slide uses a CEO quote to highlight the gap between management's stated goals and actual performance.expose_contradiction
Open slide detailBeat · Problem & ComplicationLoop · Aha Moment
11
Uses a comparison of consensus vs. revised guidance to illustrate the gap.expose_contradiction
Open slide detailBeat · Problem & ComplicationLoop · Aha Moment
12
The table highlights the discrepancy between original reported EPS and restated EPS, showing how accounting errors artificially inflated performance.expose_contradiction
Open slide detailBeat · Problem & ComplicationLoop · Aha Moment
13
The slide uses a 'ripped paper' visual effect for the quote box.expose_contradiction
Open slide detailBeat · Problem & ComplicationLoop · Aha Moment
14
The slide uses a timeline-annotated line chart to correlate specific takeover events with stock price volatility and a subsequent earnings miss.expose_contradiction
Open slide detailBeat · Problem & ComplicationLoop · Aha Moment
15
Uses Glassdoor data to contrast PPG's performance against industry peers.expose_contradiction
Open slide detailBeat · Problem & ComplicationLoop · Aha Moment
16
transition
Open slide detailBeat · Solution & Approach
17
propose_solution
Open slide detailBeat · Solution & Approach
18
The slide uses a torn-paper visual effect to frame the quote.cite_precedent
Open slide detailBeat · Solution & Approach
19
The chart uses a trend line to indicate the ~10% CAGR during the tenure period.illustrate_case
Open slide detailBeat · Solution & ApproachLoop · Before After
20
The slide uses a before-after comparison of sales mix to illustrate the strategic shift.summarize
Open slide detailBeat · Solution & ApproachLoop · Before After
21
The chart highlights PPG's performance relative to a peer median of 187%.compare_peers
Open slide detailBeat · Solution & ApproachLoop · Before After
22
The chart uses a red bar for PPG to emphasize its position relative to peers.compare_peers
Open slide detailBeat · Solution & Approach
23
The slide uses a comparison framework to justify a corporate spin-off.propose_solution
Open slide detailBeat · Solution & Approach
24
The slide uses a list of benefits to justify the 'separation' strategy, preempting the common counter-argument regarding cost duplication.present_solution
Open slide detailBeat · Solution & Approach
25
The chart shows PPG consistently underperforming compared to peers, often showing negative growth.compare_peers
Open slide detailBeat · Solution & Approach
26
compare_peers
Open slide detailBeat · Solution & Approach
27
The chart shows a long-term shift in paint volume share from DIY/Remodeler to Paint Contractor from 1980 to 2017.establish_context
Open slide detailBeat · Solution & Approach
28
The slide uses a rhetorical question as an action title to frame the lack of disclosure as a potential governance or operational failure.expose_contradiction
Open slide detailBeat · Solution & Approach
29
The slide uses a combination of a time-series bar chart for SHW growth and a static bar chart for competitive landscape.compare_peers
Open slide detailBeat · Solution & Approach
30
The slide uses a red dashed box to highlight the 'Base Case' estimate for PPG, contrasting it with the WACC and the competitor benchmark.compare_peers
Open slide detailBeat · Solution & Approach
31
The chart highlights PPG's valuation relative to peers, suggesting it is undervalued compared to high-quality coatings companies.compare_peers
Open slide detailBeat · Solution & Approach
32
The slide uses a 'sum-of-the-parts' valuation logic to justify a corporate separation.show_valuation_bridge
Open slide detailBeat · Solution & ApproachLoop · 2x2 Matrix
33
The slide argues for a breakup or spin-off by highlighting the lack of operational overlap.diagnose_problem
Open slide detailBeat · Solution & ApproachLoop · 2x2 Matrix
34
The slide uses a 'ripped paper' visual effect to frame the analyst quotes.cite_precedent
Open slide detailBeat · Solution & ApproachLoop · 2x2 Matrix
35
The slide uses a 'breakup-spinoff' logic to justify value creation through M&A capacity and operational synergies.propose_solution
Open slide detailBeat · Solution & Approach
36
This slide uses a 'before-after' narrative structure to credit activist intervention for operational improvements.summarize
Open slide detailBeat · Impact & Next StepsLoop · Quick Win Big Bet
37
Includes annotations for key corporate events (management change, merger announcement, proxy meeting).illustrate_case
Open slide detailBeat · Impact & Next StepsLoop · Quick Win Big Bet
38
The slide uses red X marks to visually emphasize the gap in governance standards.expose_gap
Open slide detailBeat · Impact & Next StepsLoop · Quick Win Big Bet
39
Uses red X icons to visually emphasize missed targets.expose_contradiction
Open slide detailBeat · Impact & Next StepsLoop · Quick Win Big Bet
40
appendix
Open slide detailBeat · Impact & Next StepsLoop · Quick Win Big Bet
41
The slide uses a 'before-after' framework to validate the thesis that corporate focus leads to margin improvement.illustrate_case
Open slide detailBeat · Impact & Next StepsLoop · Quick Win Big Bet
42
The slide uses a series of bar charts to demonstrate consistent outperformance of spin-offs over the S&P 500.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Quick Win Big Bet