{ "schemaVersion": "deck-intelligence.v1", "id": "019de06f-4669-7735-a01d-804816b91d36", "slug": "39a281d99888fbc068f99eba815f2210", "title": "Trian Partners | Activist Presentation Deck | 16 slides", "subtitle": "Trian Partners · 2012-11", "author": "Trian Partners", "date": "2012-11-01 00:00:00", "pageCount": 16, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "document": { "id": "019de06f-4669-7735-a01d-804816b91d36", "slug": "39a281d99888fbc068f99eba815f2210", "title": "Trian Partners | Activist Presentation Deck | 16 slides", "rawTitle": "Trian Partners | Activist Presentation Deck | 16 slides", "authorId": "trian-partners", "authorName": "Trian Partners", "authorDisplay": "Trian Partners", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2012-11__trian-partners__activist__39a281d9.pdf", "sourceUrl": "https://www.slidebook.io/company/trian-partners/presentation/39a281d99888fbc068f99eba815f2210/", "sourceDate": "2012-11-07 00:00:00", "presentationDate": "2012-11-01 00:00:00", "ingestedAt": "2026-04-30 22:08:02.25657+00", "status": "ready", "pageCount": 16, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": null, "targetTicker": null, "metadata": { "corpus": "slidebook", "industry": "asset-management", "local_root": "/Users/miguelsuredasuau/Desktop/lalalalla/_scrape/slidebook/decks/2012-11__trian-partners__activist__39a281d9", "image_width": 1920, "image_format": "jpg", "deck_type_raw": "Activist Presentation Deck", "deck_type_slug": null, "source_url_pattern": "https://www.slidebook.io/company/{company_slug}/presentation/{deck_id}/" } }, "coverage": { "pageCount": 16, "pagesIndexed": 16, "pagesWithImages": 16, "pagesWithMetadata": 16, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 89, "chartCount": 11, "metricSlides": 0, "toolMatches": 10, "documentToolMatches": 0, "frameworkMatches": 8, "arcMatches": 1, "beatMatches": 5, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": false, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "32923b4e-0a49-4326-b869-8b4286d8fc58", "evidence": "The deck follows a logical structure, starting with an introduction, then presenting the investment thesis, and supporting it with data and comparisons.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:05:04.426204+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 4, "name": "Problem", "beatId": "2605c428-4d10-4ed9-bc27-1cfe00af8dc2", "matchId": "32923b4e-0a49-4326-b869-8b4286d8fc58", "beatType": { "name": "Problem", "slug": "sequoia-pitch-problem", "status": "active", "canonId": "019dd9b8-1ed4-767b-8e05-40e733bd2311", "version": 1, "description": null }, "evidence": "The slides present the investment thesis and the current situation.", "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. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 10, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 9, "name": "Market Size", "beatId": "6f6db7f6-ebd2-4571-be28-b62406560f01", "matchId": "32923b4e-0a49-4326-b869-8b4286d8fc58", "beatType": { "name": "Market Size", "slug": "sequoia-pitch-market-size", "status": "active", "canonId": "019dd9b8-20e6-729c-bc28-05442906d032", "version": 1, "description": null }, "evidence": "The slides highlight the attractive market categories and growth profile.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 7, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 6, "name": "Competition", "beatId": "db44d781-4bf1-4db7-bde4-bc3816517f02", "matchId": "32923b4e-0a49-4326-b869-8b4286d8fc58", "beatType": { "name": "Competition", "slug": "sequoia-pitch-competition", "status": "active", "canonId": "019dd9b8-21bd-7407-8707-bdf217ed9c76", "version": 1, "description": null }, "evidence": "The slides present peer benchmarks and comparisons.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 13, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 11, "name": "Financials", "beatId": "d91f7303-00b3-4bbc-8019-5a8e42f51291", "matchId": "32923b4e-0a49-4326-b869-8b4286d8fc58", "beatType": { "name": "Financials", "slug": "sequoia-pitch-financials", "status": "active", "canonId": "019dd9b8-245d-74ce-8a5e-8094ec926a75", "version": 1, "description": null }, "evidence": "The slides present valuation tables and trading multiples.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 16, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 15, "name": "Solution", "beatId": "0f40add3-38e4-4eb9-93ac-a4d2b086c11c", "matchId": "32923b4e-0a49-4326-b869-8b4286d8fc58", "beatType": { "name": "Solution", "slug": "sequoia-pitch-solution", "status": "active", "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f", "version": 1, "description": null }, "evidence": "The slides present the investment conclusion and potential returns.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 13, "from": 11, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null, "categoryName": "Consulting Framework", "categorySlug": "consulting-framework" }, "matchId": "a399880e-02dc-4d3f-9c05-791e1469391c", "evidence": "The slides present a detailed breakdown of Danone's valuation.", "position": 0, "objective": "To demonstrate Danone's undervaluation", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:05:04.636118+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 5, "from": 4, "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, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "5272d771-d2f1-4922-a7fb-f53ee580ea28", "evidence": "The slides present the investment thesis and potential returns.", "position": 1, "objective": "To highlight the attractive risk-reward profile", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:05:04.670073+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "e448eba6-7b78-4853-a724-9ddfefc00b60", "evidence": "list/bullet: One of the best positioned food companies for increasingly health-conscious consumers", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:20:51.922648+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Storytelling Effect", "slug": "storytelling-effect", "status": "active", "bestFor": null, "canonId": "019dd956-981b-74f9-9096-5c8df03dab5a", "version": 1, "bodyDocId": null, "description": "Stories are remembered up to 22x better than facts alone", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "2782da35-a950-43ca-9f6f-6b8e6c8944d9", "evidence": "title/headline: Exciting 21st Century Portfolio", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:20:51.958377+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "dd7dc056-96f3-4d84-b285-5144f05f51a0", "evidence": "chart/bar-horizontal: Estimated Global Annualized Category Growth Rate, 2011-2020", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:20:52.029278+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Data Story Arc", "slug": "data-story-arc", "status": "active", "bestFor": null, "canonId": "019dd956-9c30-728e-b974-d3fb123dcf5a", "version": 1, "bodyDocId": null, "description": "Context → Conflict → Insight → Implication structure for data narratives", "familyLabel": null, "categoryName": "Loop", "categorySlug": "loop" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "484cb87b-e81a-419d-91ab-07e37f7105ff", "evidence": "list/bullet: Danone is a leader in several of the fastest growing categories within global packaged food", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:20:52.06341+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Comparison frame", "slug": "comparison-frame", "status": "active", "bestFor": null, "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93", "version": 1, "bodyDocId": null, "description": "Two or more states/subjects placed side by side to expose a gap.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "2e92b556-f9fd-41c4-8661-970e7b83e623", "evidence": "chart/bar-horizontal: % Emerging Market Exposure", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:20:52.16868+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a8709fab-b983-4485-ab2c-ce9393cf53e1", "evidence": "chart/bar-stacked: Emerging Market Share of Future Growth Over the Next Decade", "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:20:52.133854+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "2aa7a524-c2ca-4980-ab76-8e4d75a3184e", "evidence": "title/headline: While some peers are moving to nutritionally-focused portfolios, Danone is already there...", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:20:52.238224+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null }, { "tool": { "name": "Valuation: DCF", "slug": "dcf", "status": "active", "bestFor": null, "canonId": "019df269-2031-7273-9014-0c70beb91e11", "version": 1, "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836", "description": "You project free cash flows over an explicit forecast period (typically", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "c6f4d4b6-d9b9-4d27-a48b-1dad1c6d1f7a", "evidence": "list/bullet: Despite (a) health focus, (b) structurally attractive categories and (c) top-tier emerging markets exposure, Danone trades in-line with slower-growing US peers like Campbell and General Mills", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:20:52.306284+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Chart Selection Guide", "slug": "chart-selection-guide", "status": "active", "bestFor": null, "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae", "version": 1, "bodyDocId": null, "description": "Choosing the right chart type for your data and message", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "c825b346-b301-489a-a3d9-60da914042a6", "evidence": "chart/line: Historical Forward P/E", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:20:52.377443+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Capital Allocation Framework", "slug": "capital-allocation-framework", "status": "active", "bestFor": null, "canonId": "d2901a21-50b9-4151-ab1b-55b432772ea1", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "780f2700-34e2-4d8c-9816-e42576aefd72", "evidence": "list/bullet: Approximately 50-60% potential upside assuming Danone trades at same FCF yield as Unilever and Nestle", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:20:52.447262+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "8a4c7342-fea5-4d70-9af0-2a091da2b075", "evidence": "Three-column layout comparing macro risks, sector strengths, and firm credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:27:58.809+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "comparison-frame" }, { "matchId": "6096a1db-1ed6-49c4-af5e-0de76f379ec5", "evidence": "Contrasts negative market sentiment with positive investment thesis.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 14:28:01.813+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "before-after-framing" }, { "matchId": "37defc5d-9786-434f-b75c-0e9f7109b368", "evidence": "Comparison of TSR across a peer group of consumer goods companies.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 14:27:58.592+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "peer_benchmark" }, { "matchId": "d289c060-7484-4616-a13b-437b0df79db3", "evidence": "Comparing Danone's emerging market exposure against a peer group to justify valuation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:27:58.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "comparison_frame" }, { "matchId": "9506d590-371f-4967-81d9-0076827d7d46", "evidence": "Contrasting CEO statements on health focus with images of unhealthy product portfolios.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:28:00.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "84464b5f-7474-48aa-95df-ab9611e93990", "evidence": "The chart shows a current valuation point and an arrow indicating a target valuation based on historical averages.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:28:02.892+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "valuation-bridge" }, { "matchId": "537919f7-7249-463d-a986-f6c412233053", "evidence": "Compares Danone's FCF yield to peers (Nestle, Unilever) to imply valuation gap.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:28:04.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "comparison-frame" }, { "matchId": "ee1bcf15-a37b-4084-a9ec-b32e9a15b0ea", "evidence": "The slide calculates implied share price by applying a forward P/E multiple to projected EPS and adding dividends.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 14:27:59.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "valuation-buildup" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": null, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/nUzno4xHyLn6Z15jdsq2NtLitNe-W7pHPG6Ka4DElOo/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zOWEyODFkOTk4ODhmYmMwNjhmOTllYmE4MTVmMjIxMC9wMDAxLmpwZw", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 10, "componentCount": 4, "textChars": 130, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:27:57.683+00", "seconds": 2.57, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-4669-7735-a01d-804816b91d36/1", "deck": "/decks/019de06f-4669-7735-a01d-804816b91d36", "deckAnchor": "/decks/019de06f-4669-7735-a01d-804816b91d36#slide-1", "deckJson": "/decks/019de06f-4669-7735-a01d-804816b91d36.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.3, "x": 0.35, "y": 0.97 }, "kind": "disclaimer", "text": "© 2012 Trian Fund Management, L.P. All rights reserved.", "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 14:27:57.683+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8752de07-f1ec-40cf-b42b-ab8f4c3d9ec4", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.28, "x": 0.08, "y": 0.082 }, "kind": "image", "text": "Trian Partners", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:27:57.683+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5623a09-84e7-469a-b037-b06d78b6fd1e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.84, "x": 0.08, "y": 0.28 }, "kind": "title", "text": "Invest for Kids Conference: Danone Investment", "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 14:27:57.683+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d181fb0-c1c3-42e3-a013-503c95ef3c47", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.24, "x": 0.38, "y": 0.5 }, "kind": "title", "text": "November 7, 2012", "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": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:27:57.683+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab8c9bdd-7790-47b5-a52a-dbfae3a07471", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/C06PmbfTbb2FMmrE4ItX8W6WEqk7PRyUuCfD7cEo_sk/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zOWEyODFkOTk4ODhmYmMwNjhmOTllYmE4MTVmMjIxMC9wMDAxLmpwZw", "imagePathAlt": "https://imgproxy.kitesheet.com/LC5aBCrwRNQ2Hv-HV7MXZKwg0FGKdP71uxZaG5g-woE/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zOWEyODFkOTk4ODhmYmMwNjhmOTllYmE4MTVmMjIxMC9wMDAxLnBuZw", "thumbSrcAlt": "https://imgproxy.kitesheet.com/DafnZJZAgl76YGoO07oU483KbDkqJBsBt6vJHWWfVgA/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zOWEyODFkOTk4ODhmYmMwNjhmOTllYmE4MTVmMjIxMC9wMDAxLnBuZw" }, { "page": 2, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 17, "componentCount": 4, "textChars": 382, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:27:57.82+00", "seconds": 2.604, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-4669-7735-a01d-804816b91d36/2", "deck": "/decks/019de06f-4669-7735-a01d-804816b91d36", "deckAnchor": "/decks/019de06f-4669-7735-a01d-804816b91d36#slide-2", "deckJson": "/decks/019de06f-4669-7735-a01d-804816b91d36.json" }, "components": [ { "bbox": { "h": 0.68, "w": 0.88, "x": 0.06, "y": 0.13 }, "kind": "disclaimer", "text": "This presentation is for general informational purposes only, is not complete and does not constitute an agreement, offer, a solicitation of an offer, or any advice or recommendation to enter into or conclude any transaction or confirmation thereof...", "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 14:27:57.82+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54563a1c-3bac-4372-887b-02522ba385a2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.23, "x": 0.06, "y": 0.1 }, "kind": "paragraph", "text": "General Considerations", "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 14:27:57.82+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70dabd02-70cf-4579-838a-3312bf5d0a0e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.57, "x": 0.37, "y": 0.86 }, "kind": "source-note", "text": "Note: Disclosure Statement and Disclaimers are continued on the next page", "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 14:27:57.82+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5eedce6c-c655-42b7-80dd-0285bdf49932", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.57, "x": 0.06, "y": 0.04 }, "kind": "title", "text": "Disclosure Statement and Disclaimers", "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 14:27:57.82+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da9b18ed-a843-4de8-a2fe-84db0d12cf49", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "balanced", "densityScore": 26, "componentCount": 4, "textChars": 684, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:28:01.217+00", "seconds": 5.833, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-4669-7735-a01d-804816b91d36/3", "deck": "/decks/019de06f-4669-7735-a01d-804816b91d36", "deckAnchor": "/decks/019de06f-4669-7735-a01d-804816b91d36#slide-3", "deckJson": "/decks/019de06f-4669-7735-a01d-804816b91d36.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.88, "x": 0.06, "y": 0.09 }, "kind": "paragraph", "text": "Forward-Looking Statements\nThis presentation contains forward-looking statements. All statements contained in this presentation that are not clearly historical in nature or that necessarily depend on future events are forward-looking...", "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 14:28:01.217+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "121424a6-6cca-4599-b128-6770fbddce9a", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.88, "x": 0.06, "y": 0.46 }, "kind": "paragraph", "text": "Not an Offer to Sell or a Solicitation of an Offer to Buy\nUnder no circumstances is this presentation intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security...", "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 14:28:01.217+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14c85ee0-7c96-4c38-ac6f-4e478a9f2d1b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.88 }, "kind": "paragraph", "text": "Concerning Intellectual Property\nAll registered or unregistered service marks, trademarks and trade names referred to in this presentation are the property of their respective owners...", "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 14:28:01.217+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb7db41b-2412-41e6-97a6-1e596119a0d8", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.55, "x": 0.06, "y": 0.04 }, "kind": "title", "text": "Disclosure Statement and Disclaimers (cont'd)", "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 14:28:01.217+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "beb1db99-9cc4-49ec-b2ff-bbd95c35a00d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 4, "type": "setup", "title": "The slide uses a classic 'problem-solution-credibility' structure common in activist investor presentations.", "function": "frame_situation", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "frame_situation", "functionCanon": { "name": "Frame situation", "slug": "frame_situation", "status": "active", "canonId": "019de52d-17bc-718f-8752-05ef2b72d7b3", "version": 1, "description": null }, "density": "balanced", "densityScore": 34, "componentCount": 6, "textChars": 542, "nDataPoints": 0, "notes": "The slide uses a classic 'problem-solution-credibility' structure common in activist investor presentations.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:27:58.809+00", "seconds": 3.317, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-4669-7735-a01d-804816b91d36/4", "deck": "/decks/019de06f-4669-7735-a01d-804816b91d36", "deckAnchor": "/decks/019de06f-4669-7735-a01d-804816b91d36#slide-4", "deckJson": "/decks/019de06f-4669-7735-a01d-804816b91d36.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.88, "x": 0.06, "y": 0.82 }, "kind": "callout", "text": "In the face of numerous macro concerns, food companies offer attractive risk-reward at current levels", "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 14:27:58.809+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "173f8600-8388-453e-b0dc-9be62c7a68e7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.28, "x": 0.66, "y": 0.4 }, "kind": "image", "text": "Heinz, Dr Pepper Snapple Group, Cadbury, Kraft Foods", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo grid", "slug": "logo-grid", "status": "active", "canonId": "019de52c-fdd7-7409-93e5-81280a8ca215", "version": 1, "description": null }, "framework": null }, "subkind": "logo-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:27:58.809+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc0324f4-ab92-4d40-952a-8fbb5f5926ce", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.28, "x": 0.66, "y": 0.12 }, "kind": "list", "text": "Trian Credibility and Expertise: Trian has played a role in transforming several large cap food companies over the past six years...", "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 14:27:58.809+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29bd4369-bf0a-40e4-accc-393a7d2cf173", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.28, "x": 0.36, "y": 0.12 }, "kind": "list", "text": "Food Company Strengths: Irreplaceable brands, Resilient cash flow, High dividends, Liquidity, Ability to work income statement, optimize balance sheet", "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 14:27:58.809+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f4b592e-fa5a-4382-9831-a99af4413d57", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.28, "x": 0.06, "y": 0.12 }, "kind": "list", "text": "Current Macro Concerns: United States, Europe, China, Middle-East", "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 14:27:58.809+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a65a8b51-f9c1-4a3d-a58b-5cbdb36622ad", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "Where Can You Find Attractive Risk-Reward?", "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 14:27:58.809+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32162086-748a-4329-aa54-79b1ad4b1b8f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "8a4c7342-fea5-4d70-9af0-2a091da2b075", "evidence": "Three-column layout comparing macro risks, sector strengths, and firm credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:27:58.809+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "comparison-frame" } ], "arcBeats": [ { "to": 5, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 4, "name": "Problem", "beatId": "2605c428-4d10-4ed9-bc27-1cfe00af8dc2", "matchId": "32923b4e-0a49-4326-b869-8b4286d8fc58", "beatType": { "name": "Problem", "slug": "sequoia-pitch-problem", "status": "active", "canonId": "019dd9b8-1ed4-767b-8e05-40e733bd2311", "version": 1, "description": null }, "evidence": "The slides present the investment thesis and the current situation.", "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. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 4, "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": "5272d771-d2f1-4922-a7fb-f53ee580ea28", "evidence": "The slides present the investment thesis and potential returns.", "position": 1, "objective": "To highlight the attractive risk-reward profile", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:05:04.670073+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 5, "type": "setup", "function": "establish_context", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 6, "textChars": 827, "nDataPoints": 11, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:27:58.89+00", "seconds": 3.151, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-4669-7735-a01d-804816b91d36/5", "deck": "/decks/019de06f-4669-7735-a01d-804816b91d36", "deckAnchor": "/decks/019de06f-4669-7735-a01d-804816b91d36#slide-5", "deckJson": "/decks/019de06f-4669-7735-a01d-804816b91d36.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.88, "x": 0.06, "y": 0.8 }, "kind": "callout", "text": "We believe the market is offering investors a world-class business for relatively low multiples of earnings and cash flow", "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 14:27:58.89+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16662b95-4ede-49f3-9080-19f35d250427", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.25, "x": 0.1, "y": 0.12 }, "kind": "image", "text": "Danone logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:27:58.89+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "acf7e5ef-d3d6-46f4-97a6-cc6bebe57dd4", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.6, "x": 0.35, "y": 0.1 }, "kind": "list", "text": "Trian holds an approximate 1% economic interest in Danone. 21st Century Portfolio: Yogurt (46% EBIT), Baby/Medical Nutrition (37% EBIT), Bottled Water (17% EBIT). 52% of Sales in Emerging Markets. Attractive valuation: 7% FCF yield, 14.8x P/E, 9.3x EV/EBITDA. Target price €78 by 2014.", "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 14:27:58.89+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "459c9f7b-6352-4183-a0d6-2b9febfc64c1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.9 }, "kind": "source-note", "text": "Source: Company filings. Note: Market data as of November 2, 2012. EBIT contribution represents first-half 2012 trading operating profit results. Balance sheet data used for calculation of market cap and enterprise value as of June 30, 2012. (1) Includes dividends received over ~2-year holding period.", "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 14:27:58.89+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58709118-d919-4701-a52f-072926b63aa4", "parentComponentId": null }, { "bbox": { "h": 0.27, "w": 0.31, "x": 0.06, "y": 0.39 }, "kind": "table", "text": "Share Price: €48, Market Cap: €29bn, Enterprise Value: €36bn, Dividend Yield: 3%", "attrs": null, "canon": { "kind": { "name": "Table", "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 14:27:58.89+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32c181b9-c73f-408b-8bdc-e714ccedeb8a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.45, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "Long Investment Idea: Danone", "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 14:27:58.89+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0e818b5-b8b7-48ae-a118-cbd1d393a1ea", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 4, "name": "Problem", "beatId": "2605c428-4d10-4ed9-bc27-1cfe00af8dc2", "matchId": "32923b4e-0a49-4326-b869-8b4286d8fc58", "beatType": { "name": "Problem", "slug": "sequoia-pitch-problem", "status": "active", "canonId": "019dd9b8-1ed4-767b-8e05-40e733bd2311", "version": 1, "description": null }, "evidence": "The slides present the investment thesis and the current situation.", "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. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 4, "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": "5272d771-d2f1-4922-a7fb-f53ee580ea28", "evidence": "The slides present the investment thesis and potential returns.", "position": 1, "objective": "To highlight the attractive risk-reward profile", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:05:04.670073+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 6, "type": "setup", "title": "Uses a classic 'Bear vs. Bull' (or 'Concern vs. Rebuttal') structure.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 4, "textChars": 355, "nDataPoints": 8, "notes": "Uses a classic 'Bear vs. Bull' (or 'Concern vs. Rebuttal') structure.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:28:01.813+00", "seconds": 6.042, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-4669-7735-a01d-804816b91d36/6", "deck": "/decks/019de06f-4669-7735-a01d-804816b91d36", "deckAnchor": "/decks/019de06f-4669-7735-a01d-804816b91d36#slide-6", "deckJson": "/decks/019de06f-4669-7735-a01d-804816b91d36.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.085 }, "kind": "callout", "text": "Though there are valid concerns in the near term, we believe buying Danone at 1.5-2.0x P/E and ~33% FCF discount to European food peers more than compensates", "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 14:28:01.813+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0190ff5f-7dbd-4d2c-aa53-08520d18d6e3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.06, "y": 0.94 }, "kind": "source-note", "text": "Source: Company filings, Street research. (1) Nestle emerging markets as percentage of sales as of December 31, 2011 per Annual Report.", "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 14:28:01.813+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d276be9b-fc57-47bb-911f-c66fd8821315", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.88, "x": 0.06, "y": 0.1 }, "kind": "table", "text": "The Bears' Concerns vs Trian View", "attrs": null, "canon": { "kind": { "name": "Table", "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 14:28:01.813+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6a3422c-17df-4623-aa3f-60d144c76f46", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "Why Is It Cheap: The Bear Case", "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 14:28:01.813+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a616f023-b009-4ffc-853a-f96e7bd3370b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6096a1db-1ed6-49c4-af5e-0de76f379ec5", "evidence": "Contrasts negative market sentiment with positive investment thesis.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 14:28:01.813+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "before-after-framing" } ], "arcBeats": [ { "to": 7, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 6, "name": "Competition", "beatId": "db44d781-4bf1-4db7-bde4-bc3816517f02", "matchId": "32923b4e-0a49-4326-b869-8b4286d8fc58", "beatType": { "name": "Competition", "slug": "sequoia-pitch-competition", "status": "active", "canonId": "019dd9b8-21bd-7407-8707-bdf217ed9c76", "version": 1, "description": null }, "evidence": "The slides present peer benchmarks and comparisons.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 7, "type": "setup", "title": "Danone is highlighted in blue in the 3-year and 1-year charts to emphasize its poor performance relative to peers.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 6, "textChars": 384, "nDataPoints": 45, "notes": "Danone is highlighted in blue in the 3-year and 1-year charts to emphasize its poor performance relative to peers.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:27:58.592+00", "seconds": 2.743, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-4669-7735-a01d-804816b91d36/7", "deck": "/decks/019de06f-4669-7735-a01d-804816b91d36", "deckAnchor": "/decks/019de06f-4669-7735-a01d-804816b91d36#slide-7", "deckJson": "/decks/019de06f-4669-7735-a01d-804816b91d36.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.43, "x": 0.06, "y": 0.54 }, "kind": "chart", "text": "1-Year Total Shareholder Return", "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 14:27:58.592+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b99f6d1-6c58-411b-8608-9eec97f924b3", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.43, "x": 0.06, "y": 0.13 }, "kind": "chart", "text": "5-Year Total Shareholder Return", "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 14:27:58.592+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56282e8f-734d-4fac-815f-c3191d5ece88", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.43, "x": 0.53, "y": 0.13 }, "kind": "chart", "text": "3-Year Total Shareholder Return", "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 14:27:58.592+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7161d76b-85db-413e-8316-126cbf252bcf", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.43, "x": 0.53, "y": 0.54 }, "kind": "chart", "text": "YTD Total Shareholder Return", "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 14:27:58.592+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6f69f4b-b2d6-4355-a1db-36d33e961f4b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.93, "x": 0.06, "y": 0.94 }, "kind": "source-note", "text": "Source: Capital IQ as of Oct 31, 2012. Note: Total returns include dividends. Unilever's total shareholder return represents total return of PLC shares. Dr Pepper excluded from 5-year total shareholder return due to lack of trading history.", "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 14:27:58.592+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b6c6d69-d1b4-4d58-af85-4ca9f334e54c", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.43, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "Share Price Performance", "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 14:27:58.592+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0e464fa-3016-4a73-a98a-0dadc712725c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "37defc5d-9786-434f-b75c-0e9f7109b368", "evidence": "Comparison of TSR across a peer group of consumer goods companies.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 14:27:58.592+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "peer_benchmark" } ], "arcBeats": [ { "to": 7, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 6, "name": "Competition", "beatId": "db44d781-4bf1-4db7-bde4-bc3816517f02", "matchId": "32923b4e-0a49-4326-b869-8b4286d8fc58", "beatType": { "name": "Competition", "slug": "sequoia-pitch-competition", "status": "active", "canonId": "019dd9b8-21bd-7407-8707-bdf217ed9c76", "version": 1, "description": null }, "evidence": "The slides present peer benchmarks and comparisons.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 8, "type": "setup", "title": "The slide uses a visual grid to categorize products by business unit.", "function": "summarize", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 6, "textChars": 402, "nDataPoints": 0, "notes": "The slide uses a visual grid to categorize products by business unit.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:27:58.644+00", "seconds": 2.71, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-4669-7735-a01d-804816b91d36/8", "deck": "/decks/019de06f-4669-7735-a01d-804816b91d36", "deckAnchor": "/decks/019de06f-4669-7735-a01d-804816b91d36#slide-8", "deckJson": "/decks/019de06f-4669-7735-a01d-804816b91d36.json" }, "components": [ { "bbox": { "h": 0.6, "w": 0.28, "x": 0.37, "y": 0.3 }, "kind": "image", "text": "Water product images", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Icon grid", "slug": "icon-grid", "status": "active", "canonId": "019de52c-fdfe-749d-9990-1db465a3eed4", "version": 1, "description": null }, "framework": null }, "subkind": "icon-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:27:58.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d39118b-565e-4101-943c-65f8e1a7b4e6", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.3, "x": 0.06, "y": 0.3 }, "kind": "image", "text": "Fresh Dairy product images", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Icon grid", "slug": "icon-grid", "status": "active", "canonId": "019de52c-fdfe-749d-9990-1db465a3eed4", "version": 1, "description": null }, "framework": null }, "subkind": "icon-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:27:58.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "912582ee-b0a0-4703-9b6b-4d1d91872dec", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.3, "x": 0.67, "y": 0.3 }, "kind": "image", "text": "Infant / Baby Nutrition product images", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Icon grid", "slug": "icon-grid", "status": "active", "canonId": "019de52c-fdfe-749d-9990-1db465a3eed4", "version": 1, "description": null }, "framework": null }, "subkind": "icon-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:27:58.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96c72601-462e-4f93-83b9-c12496e28d31", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.06, "y": 0.1 }, "kind": "list", "text": "One of the best positioned food companies for increasingly health-conscious consumers\nNatural beneficiary of long-term health issues: obesity, diabetes, malnutrition, heart disease and access to clean water", "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 14:27:58.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "727ee3e5-6261-4fcd-b623-2a0024f8fe31", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "Source: Investor presentation. Note: Danone owns approximately 85% of Stonyfield.", "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 14:27:58.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6a05639-bae1-4b71-bd98-8a2a87dd260e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.45, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "Exciting 21st Century Portfolio", "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 14:27:58.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f93635b-8626-4485-951e-4921b2449b12", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "e448eba6-7b78-4853-a724-9ddfefc00b60", "evidence": "list/bullet: One of the best positioned food companies for increasingly health-conscious consumers", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:20:51.922648+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Storytelling Effect", "slug": "storytelling-effect", "status": "active", "bestFor": null, "canonId": "019dd956-981b-74f9-9096-5c8df03dab5a", "version": 1, "bodyDocId": null, "description": "Stories are remembered up to 22x better than facts alone", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "2782da35-a950-43ca-9f6f-6b8e6c8944d9", "evidence": "title/headline: Exciting 21st Century Portfolio", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:20:51.958377+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 9, "type": "resolution", "function": "size_opportunity", "rawType": "market_sizing", "block": null, "metadata": { "slideType": "market_sizing", "slideTypeCanon": { "name": "Market sizing", "slug": "market_sizing", "status": "active", "canonId": "019de52d-08c8-756c-8664-733b73a7ee7b", "version": 1, "description": null }, "function": "size_opportunity", "functionCanon": { "name": "Size opportunity", "slug": "size_opportunity", "status": "active", "canonId": "019de52d-147b-7568-8828-a74a27697618", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 7, "textChars": 1103, "nDataPoints": 14, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:27:59.118+00", "seconds": 3.168, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-4669-7735-a01d-804816b91d36/9", "deck": "/decks/019de06f-4669-7735-a01d-804816b91d36", "deckAnchor": "/decks/019de06f-4669-7735-a01d-804816b91d36#slide-9", "deckJson": "/decks/019de06f-4669-7735-a01d-804816b91d36.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.32, "x": 0.62, "y": 0.62 }, "kind": "callout", "text": "Danone is a leader in several of the fastest growing categories within global packaged food", "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 14:27:59.118+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b4313d8-fe1c-4478-a4e4-f4a707ca99a6", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.88, "x": 0.06, "y": 0.42 }, "kind": "chart", "text": "Estimated Global Annualized Category Growth Rate, 2011-2020", "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": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:27:59.118+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06594c0f-6003-44eb-b516-24525678d2f4", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.3, "x": 0.67, "y": 0.09 }, "kind": "list", "text": "Infant Nutrition: ~75% of sales in Emerging Markets; Top 5 companies control over 60% of global formula market; Minimal private label threat; Leveraged to increasing number of births and growing global middle class", "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 14:27:59.118+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f44b37b-9abb-4e05-8c16-02c70cbec855", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.3, "x": 0.36, "y": 0.09 }, "kind": "list", "text": "Water: Top 3 player but #1 in premium brands; Danone: #1 positions in Mexico, Indonesia and among largest in China; Consumption in emerging markets like China and Brazil ~70-80% below developed markets", "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 14:27:59.118+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b7016cc-faa3-4a7b-ac70-3919269c9b90", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.3, "x": 0.06, "y": 0.09 }, "kind": "list", "text": "Dairy (Yogurt): Danone almost 4x sales of nearest competitor; Brands that travel: Activia ~€3b in sales globally; US fresh dairy per capita consumption 14lbs per year vs. approximately 30lbs in UK and 70-80lbs in France and Germany", "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 14:27:59.118+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fe7f44a-c064-4a99-96da-c7d71eff07e7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.06, "y": 0.92 }, "kind": "source-note", "text": "Source: Euromonitor, Street research, Investor Presentations, Pfizer Nutrition Acquisition presentation. Note: Displaying all categories applicable to Danone plus those additional categories that represent 3% or more of total global packaged food & drink sales.", "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 14:27:59.118+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "681e9cc3-0135-44c6-9a23-d3ed21b81b9b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "Exposure to Attractive, High-Growth Categories", "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 14:27:59.118+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0392d49-b95f-4223-88a4-5019bd611e05", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "dd7dc056-96f3-4d84-b285-5144f05f51a0", "evidence": "chart/bar-horizontal: Estimated Global Annualized Category Growth Rate, 2011-2020", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:20:52.029278+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Data Story Arc", "slug": "data-story-arc", "status": "active", "bestFor": null, "canonId": "019dd956-9c30-728e-b974-d3fb123dcf5a", "version": 1, "bodyDocId": null, "description": "Context → Conflict → Insight → Implication structure for data narratives", "familyLabel": null, "categoryName": "Loop", "categorySlug": "loop" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "484cb87b-e81a-419d-91ab-07e37f7105ff", "evidence": "list/bullet: Danone is a leader in several of the fastest growing categories within global packaged food", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:20:52.06341+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 9, "name": "Market Size", "beatId": "6f6db7f6-ebd2-4571-be28-b62406560f01", "matchId": "32923b4e-0a49-4326-b869-8b4286d8fc58", "beatType": { "name": "Market Size", "slug": "sequoia-pitch-market-size", "status": "active", "canonId": "019dd9b8-20e6-729c-bc28-05442906d032", "version": 1, "description": null }, "evidence": "The slides highlight the attractive market categories and growth profile.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 10, "type": "setup", "title": "Slide 9 of an activist deck, likely targeting Danone.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 5, "textChars": 785, "nDataPoints": 14, "notes": "Slide 9 of an activist deck, likely targeting Danone.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:27:58.999+00", "seconds": 2.922, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-4669-7735-a01d-804816b91d36/10", "deck": "/decks/019de06f-4669-7735-a01d-804816b91d36", "deckAnchor": "/decks/019de06f-4669-7735-a01d-804816b91d36#slide-10", "deckJson": "/decks/019de06f-4669-7735-a01d-804816b91d36.json" }, "components": [ { "bbox": { "h": 0.55, "w": 0.48, "x": 0.06, "y": 0.34 }, "kind": "chart", "text": "% Emerging Market Exposure", "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": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:27:58.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b39aeba7-6132-4811-985b-d389f30ed4a0", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.38, "x": 0.56, "y": 0.34 }, "kind": "chart", "text": "Emerging Market Share of Future Growth Over the Next Decade", "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": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:27:58.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39ff0fad-c7bf-4202-9ca2-d0b6894545ce", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.1 }, "kind": "list", "text": "In the US, companies with relatively higher Emerging Market exposure have delivered differentiated top-line growth and receive premium valuations (e.g. Heinz, Mondelez)\nDanone has greater Emerging Market exposure at 52% than most of its peers and is growing at similar or better rates in these markets", "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 14:27:58.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4769bb99-56b6-4cfd-85c1-47a3fb94fa7c", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.06, "y": 0.91 }, "kind": "source-note", "text": "Source: Danone and Unilever investor presentations, SEC filings, Annual Reports, conference call transcripts. Note: Danone emerging market exposure as of June 30, 2012. Kellogg emerging markets pro forma for Pringles acquisition. Estimates 6% for ConAgra: foreign net sales were 12% of total in FY12, and assumes 50% of foreign sales were to emerging market economies.", "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 14:27:58.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0c12cc4-f34c-42f0-b167-d48c36099753", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.55, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "Strong Emerging Market Presence", "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 14:27:58.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68fcc9f0-7f4d-4c59-a5e9-dedc2a839cc8", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Comparison frame", "slug": "comparison-frame", "status": "active", "bestFor": null, "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93", "version": 1, "bodyDocId": null, "description": "Two or more states/subjects placed side by side to expose a gap.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "2e92b556-f9fd-41c4-8661-970e7b83e623", "evidence": "chart/bar-horizontal: % Emerging Market Exposure", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:20:52.16868+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a8709fab-b983-4485-ab2c-ce9393cf53e1", "evidence": "chart/bar-stacked: Emerging Market Share of Future Growth Over the Next Decade", "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:20:52.133854+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "d289c060-7484-4616-a13b-437b0df79db3", "evidence": "Comparing Danone's emerging market exposure against a peer group to justify valuation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:27:58.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 10, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 9, "name": "Market Size", "beatId": "6f6db7f6-ebd2-4571-be28-b62406560f01", "matchId": "32923b4e-0a49-4326-b869-8b4286d8fc58", "beatType": { "name": "Market Size", "slug": "sequoia-pitch-market-size", "status": "active", "canonId": "019dd9b8-20e6-729c-bc28-05442906d032", "version": 1, "description": null }, "evidence": "The slides highlight the attractive market categories and growth profile.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 11, "type": "setup", "title": "Uses CEO quotes to establish the 'trend' and brand logos to expose the contradiction in peer portfolios.", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 9, "textChars": 784, "nDataPoints": 3, "notes": "Uses CEO quotes to establish the 'trend' and brand logos to expose the contradiction in peer portfolios.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:28:00.194+00", "seconds": 3.991, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-4669-7735-a01d-804816b91d36/11", "deck": "/decks/019de06f-4669-7735-a01d-804816b91d36", "deckAnchor": "/decks/019de06f-4669-7735-a01d-804816b91d36#slide-11", "deckJson": "/decks/019de06f-4669-7735-a01d-804816b91d36.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.88, "x": 0.06, "y": 0.26 }, "kind": "callout", "text": "While some peers are moving to nutritionally-focused portfolios, Danone is already there...", "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 14:28:00.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f1987ef-e31d-4dee-9918-ac9ae27810ae", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.3, "x": 0.68, "y": 0.45 }, "kind": "diagram", "text": "Danone: Health-Focused Portfolio", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Hub and spoke", "slug": "hub-spoke", "status": "active", "canonId": "019de52d-04db-73e6-81ca-a234f2f23fc1", "version": 1, "description": null }, "framework": null }, "subkind": "hub-spoke", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:28:00.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4d66236-589c-471b-bcbd-88c290e25b76", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.3, "x": 0.06, "y": 0.62 }, "kind": "image", "text": "Nestle's Less Healthy Brands", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo grid", "slug": "logo-grid", "status": "active", "canonId": "019de52c-fdd7-7409-93e5-81280a8ca215", "version": 1, "description": null }, "framework": null }, "subkind": "logo-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:28:00.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8700ca64-2fb9-4493-b851-38294e22b03b", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.3, "x": 0.37, "y": 0.62 }, "kind": "image", "text": "Pepsi's Less Healthy Brands", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo grid", "slug": "logo-grid", "status": "active", "canonId": "019de52c-fdd7-7409-93e5-81280a8ca215", "version": 1, "description": null }, "framework": null }, "subkind": "logo-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:28:00.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac95b3f2-6ef8-4e1e-bc8e-fecf49ee7130", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.1 }, "kind": "list", "text": "Large-cap food companies covet health & wellness businesses: Nestle acquisition of Pfizer Infant Nutrition (19.8x EBITDA); Whitewave IPO (24x 2013 EPS); Whole Foods/Fresh Market (30x forward EPS)", "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 14:28:00.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7dddd046-29c7-4773-bb92-018ad729d8ec", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.3, "x": 0.06, "y": 0.4 }, "kind": "quote", "text": "In the last [few] years, we have really been aligning the whole company very strongly behind our agenda, which is nutrition, health and wellness... -Paul Bulcke, CEO, Sept 2012", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:28:00.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "028322a7-a9a9-4715-bdd3-01526993ec7d", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.3, "x": 0.37, "y": 0.4 }, "kind": "quote", "text": "Big trend, health and wellness – this is no longer a trend or a fad. This is here to stay. Profound changes are underway... -Indra Nooyi, CEO, Feb 2011", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:28:00.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c647ca9-383c-457b-a175-65f2e0fc5e2a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.03, "y": 0.96 }, "kind": "source-note", "text": "Source: Investor presentations, conference call transcripts.", "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 14:28:00.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0ad6bdd-aed1-4354-a3b9-5cff15ac637e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "Health-Focused Portfolio", "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 14:28:00.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ad33c05-9030-4f8a-ac70-aeb9597c0ae9", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "2aa7a524-c2ca-4980-ab76-8e4d75a3184e", "evidence": "title/headline: While some peers are moving to nutritionally-focused portfolios, Danone is already there...", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:20:52.238224+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null } ], "frameworks": [ { "matchId": "9506d590-371f-4967-81d9-0076827d7d46", "evidence": "Contrasting CEO statements on health focus with images of unhealthy product portfolios.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:28:00.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 13, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 11, "name": "Financials", "beatId": "d91f7303-00b3-4bbc-8019-5a8e42f51291", "matchId": "32923b4e-0a49-4326-b869-8b4286d8fc58", "beatType": { "name": "Financials", "slug": "sequoia-pitch-financials", "status": "active", "canonId": "019dd9b8-245d-74ce-8a5e-8094ec926a75", "version": 1, "description": null }, "evidence": "The slides present valuation tables and trading multiples.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 13, "from": 11, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null }, "matchId": "a399880e-02dc-4d3f-9c05-791e1469391c", "evidence": "The slides present a detailed breakdown of Danone's valuation.", "position": 0, "objective": "To demonstrate Danone's undervaluation", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:05:04.636118+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 12, "type": "setup", "title": "The chart uses a regression line to show the expected valuation based on growth, with an arrow indicating the potential re-rating of Danone stock.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 5, "textChars": 739, "nDataPoints": 12, "notes": "The chart uses a regression line to show the expected valuation based on growth, with an arrow indicating the potential re-rating of Danone stock.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:28:02.892+00", "seconds": 6.559, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-4669-7735-a01d-804816b91d36/12", "deck": "/decks/019de06f-4669-7735-a01d-804816b91d36", "deckAnchor": "/decks/019de06f-4669-7735-a01d-804816b91d36#slide-12", "deckJson": "/decks/019de06f-4669-7735-a01d-804816b91d36.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.22, "x": 0.75, "y": 0.42 }, "kind": "callout", "text": "Despite near-term headwinds, we would expect Danone to trade back to historic levels and believe it should trade at a premium given its portfolio mix and emerging market exposure", "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 14:28:02.892+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18530352-ff35-4e69-bebe-f694b6a00ef7", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.65, "x": 0.08, "y": 0.27 }, "kind": "chart", "text": "Relationship Between Long-Term Organic Sales Growth Targets and 2013E P/E", "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": "Scatter plot", "slug": "scatter", "status": "active", "canonId": "019de52d-007d-72ec-8689-c79fb78e21a2", "version": 1, "description": null }, "framework": null }, "subkind": "scatter", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:28:02.892+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e510741b-a5de-4d06-a791-796e70a12fe8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.06, "y": 0.09 }, "kind": "list", "text": "Despite (a) health focus, (b) structurally attractive categories and (c) top-tier emerging markets exposure, Danone trades in-line with slower-growing US peers like Campbell and General Mills\nHistorically Danone traded at a premium to Nestle; now trades at approximately 1.5x discount on 2013 P/E and much wider discount on free cash flow yield", "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 14:28:02.892+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bba6e1c7-8c6c-48fb-a656-f5abbf947d5c", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.95, "x": 0.05, "y": 0.88 }, "kind": "source-note", "text": "Source: Company filings and presentations. Note: Graph reflects mid-point of target organic sales growth where applicable...", "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 14:28:02.892+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "792ca796-8d13-484d-a7b8-5f93185b52a4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "Attractive Valuation", "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 14:28:02.892+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92c367a7-9f9b-48ba-9c48-5e08eb50c71e", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Valuation: DCF", "slug": "dcf", "status": "active", "bestFor": null, "canonId": "019df269-2031-7273-9014-0c70beb91e11", "version": 1, "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836", "description": "You project free cash flows over an explicit forecast period (typically", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "c6f4d4b6-d9b9-4d27-a48b-1dad1c6d1f7a", "evidence": "list/bullet: Despite (a) health focus, (b) structurally attractive categories and (c) top-tier emerging markets exposure, Danone trades in-line with slower-growing US peers like Campbell and General Mills", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:20:52.306284+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "84464b5f-7474-48aa-95df-ab9611e93990", "evidence": "The chart shows a current valuation point and an arrow indicating a target valuation based on historical averages.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:28:02.892+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "valuation-bridge" } ], "arcBeats": [ { "to": 13, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 11, "name": "Financials", "beatId": "d91f7303-00b3-4bbc-8019-5a8e42f51291", "matchId": "32923b4e-0a49-4326-b869-8b4286d8fc58", "beatType": { "name": "Financials", "slug": "sequoia-pitch-financials", "status": "active", "canonId": "019dd9b8-245d-74ce-8a5e-8094ec926a75", "version": 1, "description": null }, "evidence": "The slides present valuation tables and trading multiples.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 13, "from": 11, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null }, "matchId": "a399880e-02dc-4d3f-9c05-791e1469391c", "evidence": "The slides present a detailed breakdown of Danone's valuation.", "position": 0, "objective": "To demonstrate Danone's undervaluation", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:05:04.636118+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 13, "type": "analysis", "title": "The slide uses a line chart to demonstrate that the current P/E is below the 10-year average of 18.7x.", "function": "analyze_data", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "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": "balanced", "densityScore": 30, "componentCount": 4, "textChars": 628, "nDataPoints": 4, "notes": "The slide uses a line chart to demonstrate that the current P/E is below the 10-year average of 18.7x.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:27:59.468+00", "seconds": 2.951, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-4669-7735-a01d-804816b91d36/13", "deck": "/decks/019de06f-4669-7735-a01d-804816b91d36", "deckAnchor": "/decks/019de06f-4669-7735-a01d-804816b91d36#slide-13", "deckJson": "/decks/019de06f-4669-7735-a01d-804816b91d36.json" }, "components": [ { "bbox": { "h": 0.6, "w": 0.9, "x": 0.06, "y": 0.28 }, "kind": "chart", "text": "Historical Forward P/E", "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 14:27:59.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9189c707-52c6-46fc-8c9c-817c81d180a8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.06, "y": 0.11 }, "kind": "list", "text": "Danone is currently trading at close to trough multiples for the period 2003-2012 (excluding trading multiples from early 2009)\nWith approximately 7% free cash flow yield and 3% dividend yield, investors could receive a reasonable return even without considering the value of future growth", "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 14:27:59.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1612b947-d194-4a4c-9a04-d8a5a33ff589", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.06, "y": 0.92 }, "kind": "source-note", "text": "Source: Capital IQ. Note: Forward P/E is defined as the current price divided by next twelve months (NTM) consensus earnings per share (EPS). Through November 2, 2012. 10-Year average reflects average of weekly NTM P/E ratios over the period from January 3, 2003 through November 2, 2012.", "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 14:27:59.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b08401e-5607-4aa1-b2f2-45e2b7177b97", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.45, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "Trading Near Trough Multiples", "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 14:27:59.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0c3f724-3117-4d13-9648-84740912e5c1", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Chart Selection Guide", "slug": "chart-selection-guide", "status": "active", "bestFor": null, "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae", "version": 1, "bodyDocId": null, "description": "Choosing the right chart type for your data and message", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "c825b346-b301-489a-a3d9-60da914042a6", "evidence": "chart/line: Historical Forward P/E", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:20:52.377443+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 13, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 11, "name": "Financials", "beatId": "d91f7303-00b3-4bbc-8019-5a8e42f51291", "matchId": "32923b4e-0a49-4326-b869-8b4286d8fc58", "beatType": { "name": "Financials", "slug": "sequoia-pitch-financials", "status": "active", "canonId": "019dd9b8-245d-74ce-8a5e-8094ec926a75", "version": 1, "description": null }, "evidence": "The slides present valuation tables and trading multiples.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 13, "from": 11, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null }, "matchId": "a399880e-02dc-4d3f-9c05-791e1469391c", "evidence": "The slides present a detailed breakdown of Danone's valuation.", "position": 0, "objective": "To demonstrate Danone's undervaluation", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:05:04.636118+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 14, "type": "setup", "title": "Uses historical market sentiment (2009) as a precedent for current valuation opportunity.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 48, "componentCount": 6, "textChars": 739, "nDataPoints": 12, "notes": "Uses historical market sentiment (2009) as a precedent for current valuation opportunity.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:28:04.743+00", "seconds": 7.932, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-4669-7735-a01d-804816b91d36/14", "deck": "/decks/019de06f-4669-7735-a01d-804816b91d36", "deckAnchor": "/decks/019de06f-4669-7735-a01d-804816b91d36#slide-14", "deckJson": "/decks/019de06f-4669-7735-a01d-804816b91d36.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.3, "x": 0.53, "y": 0.39 }, "kind": "callout", "text": "Approximately 50-60% potential upside assuming Danone trades at same FCF yield as Unilever and Nestle", "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 14:28:04.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d684a76-bd85-42b4-b96a-55d008b72369", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.42, "x": 0.53, "y": 0.315 }, "kind": "chart", "text": "2012E Free Cash Yield comparison", "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 14:28:04.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "61484c83-7341-45b2-8169-577e966c84f4", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.45, "x": 0.07, "y": 0.315 }, "kind": "chart", "text": "Free Cash Flow (FCF) 2007-2012E", "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 14:28:04.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d46537a-9208-4ae2-b052-b484d023ada1", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.88, "x": 0.06, "y": 0.1 }, "kind": "list", "text": "Negative sentiment has driven Danone's free cash flow yield to 7%, in-line with the free cash flow yield that companies comprising the U.S. Packaged Food Index traded at in March 2009 when U.S. sentiment hit bottom. That would have been a good time to buy, as the U.S. Packaged Food Index has increased 111% since March 2009, and free cash flow yields have normalized to approximately 5.5%", "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 14:28:04.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "61d98408-fc52-4600-a8e5-49eae5edf86f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Company filings, Bloomberg. Note: Free Cash Flow is defined as operating cash flow less capital expenditures net of tangible asset disposals, plus M&A fees.", "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 14:28:04.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58084d2d-0bca-4ca7-b2b8-cca6a84a9667", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "Highly Cash-Generative", "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 14:28:04.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6efeb6ea-8a0c-4abc-8bdb-508b9c92eb49", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Capital Allocation Framework", "slug": "capital-allocation-framework", "status": "active", "bestFor": null, "canonId": "d2901a21-50b9-4151-ab1b-55b432772ea1", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "780f2700-34e2-4d8c-9816-e42576aefd72", "evidence": "list/bullet: Approximately 50-60% potential upside assuming Danone trades at same FCF yield as Unilever and Nestle", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:20:52.447262+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "537919f7-7249-463d-a986-f6c412233053", "evidence": "Compares Danone's FCF yield to peers (Nestle, Unilever) to imply valuation gap.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:28:04.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "comparison-frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 15, "type": "setup", "function": "summarize", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 8, "textChars": 891, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:28:00.011+00", "seconds": 3.064, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-4669-7735-a01d-804816b91d36/15", "deck": "/decks/019de06f-4669-7735-a01d-804816b91d36", "deckAnchor": "/decks/019de06f-4669-7735-a01d-804816b91d36#slide-15", "deckJson": "/decks/019de06f-4669-7735-a01d-804816b91d36.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.8, "x": 0.06, "y": 0.83 }, "kind": "list", "text": "We look forward to engaging management in a constructive dialogue", "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 14:28:00.011+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "090342e6-53cf-4852-aefa-517b670e2ef2", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.06, "y": 0.46 }, "kind": "list", "text": "While there are cultural and corporate governance differences in France versus the US or UK, we believe there are opportunities to improve performance that can drive increased shareholder value", "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 14:28:00.011+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3134bb97-9205-4b60-bb23-86e824b7d77c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.06, "y": 0.11 }, "kind": "list", "text": "Trian believes Danone is significantly undervalued with significant potential upside over the long term", "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 14:28:00.011+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ffc95d8-7801-4a29-acf7-6cad91c24db8", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.86, "x": 0.1, "y": 0.59 }, "kind": "list", "text": "Continue to push for leaner cost structure to offset headwinds in Europe and allow for core investments in R&D and marketing; Adopt balanced approach to driving value (both sales AND EPS growth); Refrain from dilutive M&A", "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 14:28:00.011+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ec1dd77-806c-496e-8c5c-9b4c883b1bb1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.06, "y": 0.23 }, "kind": "list", "text": "In our view, management has, on the whole, run Danone well and takes pride in performance", "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 14:28:00.011+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0ca956b-76e7-4cb9-b69f-5a8b3972c4ad", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.1, "y": 0.32 }, "kind": "list", "text": "CEO Franck Riboud, since taking over in 1996, has transformed Danone from an unfocused company to having one of the best positioned portfolios in the large-cap food space", "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 14:28:00.011+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6d9c944-d792-4233-8f89-85ef27fd1d9b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Company website.", "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 14:28:00.011+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e2d559d-53e4-4ae3-ae5f-2736dd6a72f5", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.45, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "Danone: A Compelling Value", "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 14:28:00.011+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0fe487f1-226e-4b8a-a108-8bd1f688594a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 16, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 15, "name": "Solution", "beatId": "0f40add3-38e4-4eb9-93ac-a4d2b086c11c", "matchId": "32923b4e-0a49-4326-b869-8b4286d8fc58", "beatType": { "name": "Solution", "slug": "sequoia-pitch-solution", "status": "active", "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f", "version": 1, "description": null }, "evidence": "The slides present the investment conclusion and potential returns.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 16, "type": "setup", "title": "The slide uses a standard valuation buildup approach to justify a target share price.", "function": "quantify_opportunity", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 5, "textChars": 390, "nDataPoints": 22, "notes": "The slide uses a standard valuation buildup approach to justify a target share price.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:27:59.731+00", "seconds": 2.689, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-4669-7735-a01d-804816b91d36/16", "deck": "/decks/019de06f-4669-7735-a01d-804816b91d36", "deckAnchor": "/decks/019de06f-4669-7735-a01d-804816b91d36#slide-16", "deckJson": "/decks/019de06f-4669-7735-a01d-804816b91d36.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.55, "x": 0.06, "y": 0.8 }, "kind": "disclaimer", "text": "Source: Company filings, Trian estimates. Note: See Disclosure Statement and Disclaimers...", "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 14:27:59.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07c9a7d2-7ec7-4f7d-a80d-4c47b5c4c291", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.35, "x": 0.62, "y": 0.31 }, "kind": "list", "text": "Major Assumptions: Top-line consistent with consensus; 2015E EBIT margin in-line; Assumes discretionary FCF used to repurchase stock; Assumes 17x forward P/E.", "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 14:27:59.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0dd969ae-cbc1-454c-a256-82280b0c343e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.33, "x": 0.63, "y": 0.11 }, "kind": "table", "text": "Current Share Price: €48; Implied Target Value: €78; % Potential Upside: +62%", "attrs": null, "canon": { "kind": { "name": "Table", "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 14:27:59.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb646366-4398-42f6-a5d9-9be8bb7b3175", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.55, "x": 0.06, "y": 0.12 }, "kind": "table", "text": "Summary Income Statement and Implied Returns", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:27:59.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f12634d-687b-4dc1-94c2-933d73b495a0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "Illustrative Returns", "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 14:27:59.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "85c384fe-1520-4b66-a00e-0242e4042e1e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ee1bcf15-a37b-4084-a9ec-b32e9a15b0ea", "evidence": "The slide calculates implied share price by applying a forward P/E multiple to projected EPS and adding dividends.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 14:27:59.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "valuation-buildup" } ], "arcBeats": [ { "to": 16, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 15, "name": "Solution", "beatId": "0f40add3-38e4-4eb9-93ac-a4d2b086c11c", "matchId": "32923b4e-0a49-4326-b869-8b4286d8fc58", "beatType": { "name": "Solution", "slug": "sequoia-pitch-solution", "status": "active", "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f", "version": 1, "description": null }, "evidence": "The slides present the investment conclusion and potential returns.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 4, "to": 5, "label": "Problem", "description": "The slides present the investment thesis and the current situation." }, { "from": 9, "to": 10, "label": "Market Size", "description": "The slides highlight the attractive market categories and growth profile." }, { "from": 6, "to": 7, "label": "Competition", "description": "The slides present peer benchmarks and comparisons." }, { "from": 11, "to": 13, "label": "Financials", "description": "The slides present valuation tables and trading multiples." }, { "from": 15, "to": 16, "label": "Solution", "description": "The slides present the investment conclusion and potential returns." } ], "loops": [ { "from": 11, "to": 13, "label": "Mece Breakdown", "description": "To demonstrate Danone's undervaluation" }, { "from": 4, "to": 5, "label": "Cost Of Inaction", "description": "To highlight the attractive risk-reward profile" } ] }