{ "schemaVersion": "deck-intelligence.v1", "id": "019de06f-e6aa-7292-b2ff-5ed256dde284", "slug": "720045051a6adb83f61392726ac21f71", "title": "Trian Partners | Activist Presentation Deck | 23 slides", "subtitle": "Trian Partners · 2019-11", "author": "Trian Partners", "date": "2019-11-01 00:00:00", "pageCount": 23, "kind": "conference-presentation", "orientation": "landscape", "aspectRatio": 1.3333334, "document": { "id": "019de06f-e6aa-7292-b2ff-5ed256dde284", "slug": "720045051a6adb83f61392726ac21f71", "title": "Trian Partners | Activist Presentation Deck | 23 slides", "rawTitle": "Trian Partners | Activist Presentation Deck | 23 slides", "authorId": "trian-partners", "authorName": "Trian Partners", "authorDisplay": "Trian Partners", "kind": { "slug": "conference-presentation", "label": "Conference presentation" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2019-11__trian-partners__activist__72004505.pdf", "sourceUrl": "https://www.slidebook.io/company/trian-partners/presentation/720045051a6adb83f61392726ac21f71/", "sourceDate": "2019-11-14 00:00:00", "presentationDate": "2019-11-01 00:00:00", "ingestedAt": "2026-04-30 22:08:43.281796+00", "status": "ready", "pageCount": 23, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": null, "targetTicker": null, "metadata": { "corpus": "slidebook", "industry": "asset-management", "local_root": "/Users/miguelsuredasuau/Desktop/lalalalla/_scrape/slidebook/decks/2019-11__trian-partners__activist__72004505", "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": 23, "pagesIndexed": 23, "pagesWithImages": 23, "pagesWithMetadata": 23, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 109, "chartCount": 10, "metricSlides": 0, "toolMatches": 3, "documentToolMatches": 0, "frameworkMatches": 14, "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": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "evidence": "The deck follows a clear problem-agitate-solution structure, identifying Ferguson's undervaluation, agitating the issue by detailing its causes, and proposing a solution through a potential US listing.", "isPrimary": true, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:08:22.878184+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 3, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Setup", "beatId": "2d6d0109-e399-4659-8bca-76f909f74ef9", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "evidence": "The initial slides provide disclaimers and an executive summary, setting the stage for the presentation.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 7, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 4, "name": "Problem Identification", "beatId": "5612c0c3-048e-4ec6-84da-1097e015582e", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 4-7 identify Ferguson's situation and the problem of undervaluation.", "position": 1, "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": 0.9 }, { "to": 13, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 8, "name": "Agitation", "beatId": "f59f6fd4-f367-4e32-9155-c32b8352d7d0", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 8-13 agitate the problem by detailing reasons for the undervaluation.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 20, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 14, "name": "Solution", "beatId": "0de9becd-2ef8-4aa5-bbdf-e9a852162c39", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 14-20 propose and support the solution of a US listing.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 23, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 21, "name": "Impact and Next Steps", "beatId": "aaadedfd-5e36-4319-86f0-f3dc1320ac4a", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Slides 21-23 discuss precedents and the potential impact of a US listing.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 7, "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": "401c203f-7a14-4abf-87c9-c66df4a6d814", "evidence": "The loop emphasizes the consequences of inaction on Ferguson's valuation.", "position": 0, "objective": "Highlight the cost of not addressing Ferguson's undervaluation", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:08:23.115304+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 23, "from": 21, "loop": { "name": "15_why_now", "slug": "15-why-now", "status": "active", "bestFor": "Sales pitches, fundraising, requesting immediate budget approval", "canonId": "019dd956-6c00-70cd-bd42-6bacc4af726f", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Context (Trends) -> The Trigger Event -> The Window of Opportunity", "description": "Create temporal urgency by proving that the window of opportunity is opening or closing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "63bf7b66-f20b-4eec-bbd5-afd8d8bfc2b3", "evidence": "The loop discusses precedents and the current opportunity for a US listing.", "position": 1, "objective": "Explain why a US listing is a timely solution", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:08:23.155499+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "daeff57a-20a7-45f9-b478-64cd5aa4fc1c", "evidence": "The slide provides an overview of Ferguson, including key metrics and valuation information.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:26:45.416828+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "8eedc1c0-a527-46de-969e-0b60693ea11f", "evidence": "Shareholders of UK-listed companies have previously approved transactions involving a United States relisting (by significant margins):", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:26:47.704714+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: the peer-gap chart", "slug": "peer-gap-chart-recipe", "status": "active", "bestFor": null, "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7", "version": 1, "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c", "description": "The single most-copied slide in activism. This is the exact layout, used", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "a0df06fc-e6e4-40c1-b6a3-b08b1721e52b", "evidence": "Over 20x Ferguson's market capitalization is held at peers trading in the US at far more expensive valuations than where Ferguson currently trades.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:26:47.769658+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "43e06f82-2505-451a-9c74-1b4edb48956c", "evidence": "The slide is structured as a numbered list of three core investment pillars.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:13.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "list-presentation" }, { "matchId": "ec463fb0-661f-493d-8780-1393004b68a0", "evidence": "Comparing valuation multiples across peer groups to establish relative value.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:13.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "comparison_frame" }, { "matchId": "3ecda8d5-3e09-4eac-9956-4691348abc26", "evidence": "Compares 2004a state to 2019 Pro Forma state to explain valuation gap.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:13.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "before-after-framing" }, { "matchId": "7c82cbe0-8f8d-4093-93c3-7094e00a6315", "evidence": "The slide explicitly compares two business units across three categories (market structure, economics, results) to support a thesis.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 14:11:12.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "comparison-frame" }, { "matchId": "26fe2f0d-785a-4936-94b8-cebca0305425", "evidence": "Comparing Ferguson's coverage metrics against a defined peer group to highlight a valuation anomaly.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:13.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "comparison-frame" }, { "matchId": "6843d9a1-69b7-4f4c-9dd5-040dc01f42bf", "evidence": "Side-by-side comparison of shareholder ownership across two distinct market sectors.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:17.121+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "comparison_frame" }, { "matchId": "2e33f448-8e2a-41a2-8baf-dac8df1cd1cc", "evidence": "Comparing Ferguson's liquidity metrics against a peer group to explain valuation gap.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:13.422+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "comparison_frame" }, { "matchId": "9578a97f-d5f7-4d02-8dff-7ab8515f52e7", "evidence": "The slide compares analyst peer selection against a target category to expose a valuation gap.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:13.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "comparison_frame" }, { "matchId": "ef88c1e3-8d18-466d-a253-3d12f5d746d3", "evidence": "Direct comparison table between two business models.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:16.991+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "comparison-frame" }, { "matchId": "0e5a011b-9446-4cbe-8a8b-d8a6891288f6", "evidence": "Direct comparison of business attributes between competitors", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 14:11:13.366+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "comparison-frame" }, { "matchId": "53556e07-7dc0-4807-ae92-fb705c8dd3d7", "evidence": "Direct comparison of business attributes between subject and peers.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:16.036+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "comparison_frame" }, { "matchId": "94d1d77f-f913-4902-93d8-d6fc849541fb", "evidence": "Comparison of organic growth rates across a peer group.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:22.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "comparison_frame" }, { "matchId": "0f56e03b-0f5c-4722-9ba6-2865835d9c4c", "evidence": "Citing historical precedents and shareholder approval percentages to validate a strategy.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:16.02+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "authority-citation" }, { "matchId": "0d42ba67-3dbf-4fc9-920b-932f4d8d7892", "evidence": "Direct comparison of market capitalization between peers and the subject company.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:15.977+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "comparison_frame" } ], "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/JkoKluhWtfUsgFXlORd0MXHHqGNKxbAXCa8NfNBX_h0/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83MjAwNDUwNTFhNmFkYjgzZjYxMzkyNzI2YWMyMWY3MS9wMDAxLmpwZw", "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": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 7, "textChars": 268, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:11.999+00", "seconds": 2.997, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/1", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-1", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.22, "w": 0.92, "x": 0.04, "y": 0.715 }, "kind": "disclaimer", "text": "IMPORTANT: You must read this disclaimer in its entirety before continuing...", "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 14:11:11.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f0a404c-b5fd-4b4b-b808-bb996477c0f7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.44, "x": 0.28, "y": 0.955 }, "kind": "disclaimer", "text": "© 2019 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 14:11:11.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "caccb941-6dfd-45df-9b66-43985d0b8af0", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.364, "x": 0.103, "y": 0.155 }, "kind": "image", "text": "Trian Partners 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 14:11:11.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "215ca4d6-6ea6-42d7-99d3-183062f9c52c", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.54, "x": 0.23, "y": 0.403 }, "kind": "image", "text": "Ferguson 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 14:11:11.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4cb07da6-7a09-49df-b35c-f2c2b69cd609", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.382, "x": 0.515, "y": 0.155 }, "kind": "image", "text": "Sohn London Conference Foundation 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 14:11:11.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b567493a-bff8-4f1e-9610-7ddbd920049d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.68, "x": 0.16, "y": 0.635 }, "kind": "paragraph", "text": "Brian Baldwin, Partner, Trian Fund Management L.P.", "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 14:11:11.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9021bf77-0299-4555-8394-962ea81d8847", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.24, "x": 0.38, "y": 0.54 }, "kind": "paragraph", "text": "14 November 2019", "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 14:11:11.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "941a6ddf-726a-419e-a813-89f402fe3f75", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 3, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 1, "name": "Setup", "beatId": "2d6d0109-e399-4659-8bca-76f909f74ef9", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "evidence": "The initial slides provide disclaimers and an executive summary, setting the stage for the presentation.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/cYPcU-PrIBe-KreqHlt1Y3c4WVdy3xGocFwuA_henDk/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83MjAwNDUwNTFhNmFkYjgzZjYxMzkyNzI2YWMyMWY3MS9wMDAxLmpwZw", "imagePathAlt": "https://imgproxy.kitesheet.com/NgP8buQeAPwJSxqOxXsqhUFWvdXWspHyEi_gTIP5FPQ/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83MjAwNDUwNTFhNmFkYjgzZjYxMzkyNzI2YWMyMWY3MS9wMDAxLnBuZw", "thumbSrcAlt": "https://imgproxy.kitesheet.com/ZGR4MWZQWvyVOuT3jRRBa35yAE9-sFgAG58sEUDTc6w/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83MjAwNDUwNTFhNmFkYjgzZjYxMzkyNzI2YWMyMWY3MS9wMDAxLnBuZw" }, { "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": 13, "componentCount": 2, "textChars": 171, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:11.864+00", "seconds": 2.708, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/2", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-2", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.88, "x": 0.06, "y": 0.13 }, "kind": "disclaimer", "text": "CERTAIN CONSIDERATIONS: This presentation is directed only at persons in the United Kingdom who are (i) authorised or exempt persons...", "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 14:11:11.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cde6dd85-6f90-45cb-b5a7-2f7509b5a9d7", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.06, "y": 0.07 }, "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 14:11:11.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70521e62-d476-4326-8fca-948b95326a71", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 3, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 1, "name": "Setup", "beatId": "2d6d0109-e399-4659-8bca-76f909f74ef9", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "evidence": "The initial slides provide disclaimers and an executive summary, setting the stage for the presentation.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 3, "type": "setup", "function": "front_matter", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "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": "dense", "densityScore": 50, "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 14:11:11.914+00", "seconds": 2.523, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/3", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-3", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.87 }, "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 14:11:11.914+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a7d6633-1b7d-41b3-a346-5eb5cd921ad7", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.88, "x": 0.06, "y": 0.15 }, "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 14:11:11.914+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70b33854-a16c-4300-aaab-bea42cbbb4a7", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.88, "x": 0.06, "y": 0.51 }, "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 14:11:11.914+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df2f2c55-f7b1-4706-affe-0970ca07a65c", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.06, "y": 0.07 }, "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 14:11:11.914+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc1a04f3-6cac-43f1-8261-97e3f2722bd9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 3, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 1, "name": "Setup", "beatId": "2d6d0109-e399-4659-8bca-76f909f74ef9", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "evidence": "The initial slides provide disclaimers and an executive summary, setting the stage for the presentation.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 4, "type": "setup", "title": "The slide provides a snapshot of the company's valuation, market share, and corporate structure.", "function": "establish_context", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "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": 73, "componentCount": 5, "textChars": 1903, "nDataPoints": 12, "notes": "The slide provides a snapshot of the company's valuation, market share, and corporate structure.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:15.057+00", "seconds": 5.647, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/4", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-4", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.28, "x": 0.06, "y": 0.00165 }, "kind": "image", "text": "FERGUSON", "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 14:11:15.057+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6fd1b6a-0b5d-4209-90e8-be64971b0fea", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.6, "x": 0.35, "y": 0.00165 }, "kind": "list", "text": "Trian owns approximately 13.9mm shares of Ferguson plc (valued at £920mm / $1.2bn; ~6.1% of shares outstanding)(1)\nLeading North American specialty distributor of plumbing & HVAC (“blended branches”) and Waterworks / Fire & Fabrication\n#1 market share in North American blended branches (plumbing & HVAC) with a mid-to-high teens market share...no clear national rival\n#1 market share in North American Waterworks / Fire & Fabrication with low 20% market share... Core & Main is only large national competitor\nFerguson is predominantly a North American business (currently ~95% of EBITDA from North America)\n1,708 branches, 11 DC’s, and ~$20bn revenue in North America\nOn September 3, Ferguson announced that it intends to demerge its UK business(3); Kevin Murphy (US CEO) will become Group CEO on November 19; Board will consider most appropriate listing structure for Ferguson going forward", "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 14:11:15.057+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "311ddd30-d329-46a5-ba48-7d449f3a420e", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.28, "x": 0.06, "y": 0.0025 }, "kind": "paragraph", "text": "Share Price(1): £66 ($85)\nMarket Cap: $19.4bn\nEV: $20.5bn\nValuation Metrics(2)\nCY 2020 EBITDA: $1.98bn\nEV/2020 EBITDA: 10.4x\nCY 2020 EPS: $5.29\nPrice / 2020 EPS: 16.1x\nNet Debt / LTM EBITDA: 0.7x", "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 14:11:15.057+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8a13679-799a-45a8-8e3f-6783cc45e0a6", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.06, "y": 0.85 }, "kind": "source-note", "text": "Source: Company filings, FactSet. Note: Throughout this presentation: “EV” is defined as enterprise value; “EBITDA” is defined as earnings before interest, taxes, depreciation and amortization; “P/E” is defined as price to earnings ratio; “North America” is defined as US and Canada; “HVAC” is defined as heating, ventilation and air conditioning; “ROIC” is defined as return on invested capital; “DC” is defined as distribution center; “CY” is defined as calendar year; “bps” is defined as basis points; “RMI” is defined as “repair, maintenance, and improvement”; and “MRO” is defined as maintenance, repair, and operations. (1) As of November 5, 2019. (2) Based on Wall Street research consensus estimates for calendar year 2019 as of November 5, 2019. (3) Subject to shareholder approval.", "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 14:11:15.057+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7b1e034-e5d5-4ecc-99ea-f7be815773e0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.32, "x": 0.06, "y": 0.07 }, "kind": "title", "text": "Ferguson Overview", "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 14:11:15.057+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "040bfd32-59c5-4b11-a9ab-336b59006a7d", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "daeff57a-20a7-45f9-b478-64cd5aa4fc1c", "evidence": "The slide provides an overview of Ferguson, including key metrics and valuation information.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:26:45.416828+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 7, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 4, "name": "Problem Identification", "beatId": "5612c0c3-048e-4ec6-84da-1097e015582e", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 4-7 identify Ferguson's situation and the problem of undervaluation.", "position": 1, "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": 0.9 } ], "loops": [ { "to": 7, "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": "401c203f-7a14-4abf-87c9-c66df4a6d814", "evidence": "The loop emphasizes the consequences of inaction on Ferguson's valuation.", "position": 0, "objective": "Highlight the cost of not addressing Ferguson's undervaluation", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:08:23.115304+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 5, "type": "setup", "title": "The slide uses a numbered list structure to present the core pillars of an activist investor's thesis.", "function": "present_solution", "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": "present_solution", "functionCanon": { "name": "Present solution", "slug": "present_solution", "status": "active", "canonId": "019de52d-15b8-71da-bd23-2b767850cbce", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 5, "textChars": 1491, "nDataPoints": 8, "notes": "The slide uses a numbered list structure to present the core pillars of an activist investor's thesis.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:13.1+00", "seconds": 3.655, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/5", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-5", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.4 }, "kind": "list", "text": "2. Scale = Virtuous Cycle\n- Ferguson is #1 player in highly fragmented North American market\n- We expect Ferguson to be the prudent consolidator (completed 15 acquisitions last year)\n- Scale advantages driven by vendor rebates; private label; DC network; product availability; local market route density\n- Provides ability to reinvest in growth initiatives such as e-commerce (25% of business)\n- Ferguson has grown US organic revenue at a ~7.5% CAGR since 2014 – outgrowing the market 300-400 bps organically(1) while increasing margins and return on capital\n- We believe Ferguson can significantly enhance market share over time", "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 14:11:13.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1cc186a6-8480-44c9-902b-5a6b0dcf193f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.14 }, "kind": "list", "text": "1. Attractive North American Business\n- Commercial and residential trade customers value convenience and availability over price...labor costs more than product to end user\n- Branch-driven business: ~80% of sales originated or distributed from a Ferguson branch or showroom (Amazon-resilient business)\n- ~75% of blended branch business is repair, maintenance, and improvement oriented (less cyclical)", "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 14:11:13.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39a8e837-fc8d-45b8-8e7f-f9c699a23e7f", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "list", "text": "3. We Believe Ferguson is Mispriced as a UK-Listed Equity as 100% of its EBITDA Will Be from North America Following the UK Business De-Merger(2)\n- Leading specialty distributors in the US trade at 17.2x EBITDA versus Ferguson at 10.4x EBITDA", "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 14:11:13.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66be923a-67d6-46da-81e8-6e860e14967c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Company filings, investor presentations, FactSet. (1) According to Ferguson management. Data sourced from investor presentation dated October 2, 2018. (2) Subject to shareholder approval.", "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 14:11:13.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8635bed-1968-458d-8c40-3d00b5da7b86", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.05, "y": 0.07 }, "kind": "title", "text": "Trian's Investment Thesis", "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 14:11:13.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82f3c96e-5c0f-4afc-9284-ca2fa6849f28", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "43e06f82-2505-451a-9c74-1b4edb48956c", "evidence": "The slide is structured as a numbered list of three core investment pillars.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:13.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "list-presentation" } ], "arcBeats": [ { "to": 7, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 4, "name": "Problem Identification", "beatId": "5612c0c3-048e-4ec6-84da-1097e015582e", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 4-7 identify Ferguson's situation and the problem of undervaluation.", "position": 1, "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": 0.9 } ], "loops": [ { "to": 7, "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": "401c203f-7a14-4abf-87c9-c66df4a6d814", "evidence": "The loop emphasizes the consequences of inaction on Ferguson's valuation.", "position": 0, "objective": "Highlight the cost of not addressing Ferguson's undervaluation", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:08:23.115304+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 6, "type": "analysis", "function": "analyze_data", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 51, "componentCount": 5, "textChars": 304, "nDataPoints": 4, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:16.215+00", "seconds": 6.714, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/6", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-6", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.6, "w": 0.4, "x": 0.52, "y": 0.218 }, "kind": "chart", "text": "EBITA ($bn's) 2014-2019", "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 14:11:16.215+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a4ce8f6-8508-41ea-972c-494b25570974", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.4, "x": 0.07, "y": 0.218 }, "kind": "chart", "text": "Revenue ($bn's) 2014-2019", "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 14:11:16.215+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b721e199-67ab-4b29-807d-1a87a95c14a5", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.09, "y": 0.13 }, "kind": "paragraph", "text": "Ferguson's US business has organically outgrown the market by an average of 300-400bps while delivering improving operating margins and increasing ROIC to ~23%", "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 14:11:16.215+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ab95524-187b-4742-b0d8-20565f759451", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.03, "y": 0.97 }, "kind": "source-note", "text": "Source: Company filings, investor presentations.", "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 14:11:16.215+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f420d30b-3519-4724-b77b-86f34e815e2b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.06, "y": 0.07 }, "kind": "title", "text": "We Believe Ferguson Is an Exceptional Business...", "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 14:11:16.215+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b7d54e9-6d50-4989-9433-296328294eb6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 7, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 4, "name": "Problem Identification", "beatId": "5612c0c3-048e-4ec6-84da-1097e015582e", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 4-7 identify Ferguson's situation and the problem of undervaluation.", "position": 1, "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": 0.9 } ], "loops": [ { "to": 7, "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": "401c203f-7a14-4abf-87c9-c66df4a6d814", "evidence": "The loop emphasizes the consequences of inaction on Ferguson's valuation.", "position": 0, "objective": "Highlight the cost of not addressing Ferguson's undervaluation", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:08:23.115304+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 7, "type": "setup", "title": "The chart uses a color-coded bar for Ferguson (red) vs peers (blue) to highlight the valuation gap.", "function": "compare_peers", "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": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 64, "componentCount": 5, "textChars": 596, "nDataPoints": 5, "notes": "The chart uses a color-coded bar for Ferguson (red) vs peers (blue) to highlight the valuation gap.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:13.047+00", "seconds": 3.384, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/7", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-7", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.25, "x": 0.487, "y": 0.178 }, "kind": "callout", "text": "... We believe Ferguson’s blended branch business should be valued in-line with specialty RMI distributors", "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 14:11:13.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "806359e6-7ab1-41cc-b657-fe7eeb527e9c", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.88, "x": 0.07, "y": 0.2 }, "kind": "chart", "text": "Bar chart showing multiples: 8.3x, 10.4x, 12.3x, 13.4x, 17.2x", "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 14:11:13.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b505ff4-1791-43cd-8d82-24f501d39317", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.03, "y": 0.94 }, "kind": "disclaimer", "text": "Source: FactSet, company filings. Figures represent averages. Valuation metrics calculated off of Wall Street research 2019 calendar year estimates. (1) Deducts Construction & Industrial segment at 8x EBITDA and a pro-rata share of net debt. (2) Minority interest capitalized at 26x net income (Watsco’s current P/E multiple) and added to enterprise value.", "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 14:11:13.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1540d789-d4e5-421b-8598-bb9b472bc9a2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.05, "y": 0.07 }, "kind": "title", "text": "...That is Misunderstood and Significantly Undervalued", "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 14:11:13.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3eac89fe-4bf8-4f2e-9011-c3eb3566ecf9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.95, "x": 0.05, "y": 0.12 }, "kind": "title", "text": "CY 2020 EV / EBITDA", "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 14:11:13.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f12f32f-01b0-4531-aeff-e9b8fb1e8eb5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ec463fb0-661f-493d-8780-1393004b68a0", "evidence": "Comparing valuation multiples across peer groups to establish relative value.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:13.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 7, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 4, "name": "Problem Identification", "beatId": "5612c0c3-048e-4ec6-84da-1097e015582e", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 4-7 identify Ferguson's situation and the problem of undervaluation.", "position": 1, "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": 0.9 } ], "loops": [ { "to": 7, "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": "401c203f-7a14-4abf-87c9-c66df4a6d814", "evidence": "The loop emphasizes the consequences of inaction on Ferguson's valuation.", "position": 0, "objective": "Highlight the cost of not addressing Ferguson's undervaluation", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:08:23.115304+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 8, "type": "evidence", "title": "The slide uses a before-after comparison to justify a valuation thesis based on business transformation.", "function": "diagnose_problem", "rawType": "before_after", "block": null, "metadata": { "slideType": "before_after", "slideTypeCanon": { "name": "Before / after", "slug": "before_after", "status": "active", "canonId": "019de52d-11fd-771e-bb45-e27f849bc560", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 5, "textChars": 460, "nDataPoints": 6, "notes": "The slide uses a before-after comparison to justify a valuation thesis based on business transformation.", "elementsJson": null, "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:13.931+00", "seconds": 4.096, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/8", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-8", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.7, "w": 0.5, "x": 0.05, "y": 0.2 }, "kind": "chart", "text": "EBITA contribution by segment for 2004a and 2019 Pro Forma", "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 14:11:13.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b48accea-b3d0-4c63-a581-923ac803fe9e", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.35, "x": 0.6, "y": 0.25 }, "kind": "list", "text": "Notable Divestitures: Ferguson exited 25 countries and 31 business units since 2008. UK, Netherlands, Nordics, Switzerland, France, US Building Material Distribution, Italy.", "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 14:11:13.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1bd9845-739b-4d06-bc98-ac5d4635417c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Company filings, press releases. (1) Pro forma for de-merger of UK business.", "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 14:11:13.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8073d611-6669-44a0-8867-9644b7004c20", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Why is Ferguson Mispriced? We Believe Equity Markets Under-Appreciate the Magnitude of Ferguson’s Evolution", "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 14:11:13.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97133c18-c61f-45bf-9c92-209d1724997d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.05, "y": 0.13 }, "kind": "title", "text": "Ferguson EBITA Contribution by Segment", "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 14:11:13.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e26f4815-6e6e-4ff5-afd4-8667c25eb9bf", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3ecda8d5-3e09-4eac-9956-4691348abc26", "evidence": "Compares 2004a state to 2019 Pro Forma state to explain valuation gap.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:13.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "before-after-framing" } ], "arcBeats": [ { "to": 13, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 8, "name": "Agitation", "beatId": "f59f6fd4-f367-4e32-9155-c32b8352d7d0", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 8-13 agitate the problem by detailing reasons for the undervaluation.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 9, "type": "setup", "title": "The slide uses a comparison framework to justify a valuation thesis.", "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": "balanced", "densityScore": 39, "componentCount": 3, "textChars": 413, "nDataPoints": 8, "notes": "The slide uses a comparison framework to justify a valuation thesis.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:12.52+00", "seconds": 2.653, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/9", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-9", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.09 }, "kind": "source-note", "text": "Source: Company filings, investor presentations. (1) Ferguson US is ~95% of North America EBITDA... (2) Assumes Canada earns same gross margin... (3) Represents US market only...", "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 14:11:12.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e9ec456-d8fa-4ef0-84e8-917bc2f6f56d", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "table", "text": "Comparison of North America vs UK market metrics across market structure, economics, and results.", "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 14:11:12.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59d48b18-246b-4334-b50d-ac47ccaecedd", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Why is Ferguson Mispriced? Ferguson's North American Business is Structurally More Attractive than its UK Business but It Trades in the UK", "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 14:11:12.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78798abb-c680-47d8-8b97-e4a0522bcb05", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7c82cbe0-8f8d-4093-93c3-7094e00a6315", "evidence": "The slide explicitly compares two business units across three categories (market structure, economics, results) to support a thesis.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 14:11:12.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "comparison-frame" } ], "arcBeats": [ { "to": 13, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 8, "name": "Agitation", "beatId": "f59f6fd4-f367-4e32-9155-c32b8352d7d0", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 8-13 agitate the problem by detailing reasons for the undervaluation.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 10, "type": "tension", "title": "The chart uses a broken axis for the x-axis to accommodate the significantly larger sales of Home Depot and Lowe's.", "function": "expose_gap", "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": "expose_gap", "functionCanon": { "name": "Expose gap", "slug": "expose_gap", "status": "active", "canonId": "019de52d-1795-772d-8f3a-75ccfb93fe58", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 5, "textChars": 692, "nDataPoints": 12, "notes": "The chart uses a broken axis for the x-axis to accommodate the significantly larger sales of Home Depot and Lowe's.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:13.261+00", "seconds": 3.281, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/10", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-10", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.2, "x": 0.78, "y": 0.4 }, "kind": "callout", "text": "HD and Lowe's are often cited as peers for Ferguson's US business and both companies have >30 analysts covering their stocks", "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 14:11:13.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d154ec0-9206-4fe8-8069-8505e31129b3", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.25, "x": 0.5, "y": 0.35 }, "kind": "callout", "text": "Ferguson's North American footprint is >2x the average of the specialty distributor / broadline peer group but only 1 US based research analyst covers the stock (vs. an average of 14 analysts for its peers)", "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 14:11:13.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "544b1ecc-bdc2-43f9-96b1-cfbbb2c616e1", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.85, "x": 0.08, "y": 0.15 }, "kind": "chart", "text": "North American Sales vs. U.S.-Based Equity Research Coverage", "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 14:11:13.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4ec673c-d87a-4698-ac07-99bcca3dc8e0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "source-note", "text": "Source: FactSet, SEC filings, company reports. Note: Trian believes the most relevant peers for Ferguson are specialty building products distributors... and home improvement retailers (Home Depot and Lowe's) as two additional peer groups...", "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 14:11:13.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e9db350-4d6e-4ad8-b90d-85f5ff822cb7", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Why is Ferguson Mispriced? It Has Minimal US Research Coverage", "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 14:11:13.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f68abd87-ed12-430b-a21d-26bf56ed7132", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "26fe2f0d-785a-4936-94b8-cebca0305425", "evidence": "Comparing Ferguson's coverage metrics against a defined peer group to highlight a valuation anomaly.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:13.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "comparison-frame" } ], "arcBeats": [ { "to": 13, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 8, "name": "Agitation", "beatId": "f59f6fd4-f367-4e32-9155-c32b8352d7d0", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 8-13 agitate the problem by detailing reasons for the undervaluation.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 11, "type": "analysis", "title": "The slide uses checkmarks and X's to indicate if a top shareholder in the sector is also a top 25 Ferguson holder.", "function": "analyze_data", "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": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 4, "textChars": 375, "nDataPoints": 100, "notes": "The slide uses checkmarks and X's to indicate if a top shareholder in the sector is also a top 25 Ferguson holder.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:17.121+00", "seconds": 7.077, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/11", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-11", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.93 }, "kind": "source-note", "text": "Source: Bloomberg. Note that Bloomberg only captures approximately 60% of outstanding shares as shareholder disclosure requirements are less comprehensive in the UK than they are in the US.", "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 14:11:17.121+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "662593b8-8d76-47f1-93a0-18bb309d98d9", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.45, "x": 0.52, "y": 0.125 }, "kind": "table", "text": "Top Shareholder Ownership U.S. Home Improvement Retail Market", "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 14:11:17.121+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cacbc55c-03ea-43d4-95a2-22e6f41a52e7", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.45, "x": 0.03, "y": 0.125 }, "kind": "table", "text": "Top Shareholder Ownership U.S. Industrial Distributor Market", "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 14:11:17.121+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed4d2d8c-01ce-4ca7-9b18-cb56376a8386", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Why is Ferguson Mispriced? It is Under-Owned by U.S. Institutions", "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 14:11:17.121+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1e554f4-7253-472c-8147-7940d907fb0e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6843d9a1-69b7-4f4c-9dd5-040dc01f42bf", "evidence": "Side-by-side comparison of shareholder ownership across two distinct market sectors.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:17.121+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 13, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 8, "name": "Agitation", "beatId": "f59f6fd4-f367-4e32-9155-c32b8352d7d0", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 8-13 agitate the problem by detailing reasons for the undervaluation.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 12, "type": "setup", "title": "The chart highlights Ferguson in red and uses a dashed box to emphasize its position relative to the peer average line.", "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": 44, "componentCount": 4, "textChars": 331, "nDataPoints": 10, "notes": "The chart highlights Ferguson in red and uses a dashed box to emphasize its position relative to the peer average line.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:13.422+00", "seconds": 3.346, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/12", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-12", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.225 }, "kind": "chart", "text": "Share Turnover (90-Day Avg. Daily Volume / Total Shares Outstanding)", "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 14:11:13.422+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8e69427-b23d-4d7a-b1a7-0231048c4f5e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.06, "y": 0.12 }, "kind": "list", "text": "Investors in Ferguson's U.S.-listed peers benefit from higher trading volumes and increased liquidity as compared with Ferguson's shareholders", "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 14:11:13.422+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3736d42-58ee-4ac9-97eb-b98c1d65829d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.03, "y": 0.97 }, "kind": "source-note", "text": "Source: FactSet. Data as of November 5, 2019.", "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 14:11:13.422+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af7d328e-bbd1-4d14-86e4-24fb0025d5cd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Why is Ferguson Mispriced? We Believe Its UK Listing Impacts Trading Volumes", "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 14:11:13.422+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45962bea-a739-4490-874d-2f9a027b08e0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2e33f448-8e2a-41a2-8baf-dac8df1cd1cc", "evidence": "Comparing Ferguson's liquidity metrics against a peer group to explain valuation gap.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:13.422+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 13, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 8, "name": "Agitation", "beatId": "f59f6fd4-f367-4e32-9155-c32b8352d7d0", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 8-13 agitate the problem by detailing reasons for the undervaluation.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 13, "type": "analysis", "title": "The slide uses a checkmark/cross matrix to illustrate the analytical gap in peer selection.", "function": "expose_gap", "rawType": "peer_gap", "block": null, "metadata": { "slideType": "peer_gap", "slideTypeCanon": { "name": "Peer gap", "slug": "peer_gap", "status": "active", "canonId": "019de52d-10e5-74bd-8325-9f49c945a0aa", "version": 1, "description": null }, "function": "expose_gap", "functionCanon": { "name": "Expose gap", "slug": "expose_gap", "status": "active", "canonId": "019de52d-1795-772d-8f3a-75ccfb93fe58", "version": 1, "description": null }, "density": "balanced", "densityScore": 37, "componentCount": 4, "textChars": 316, "nDataPoints": 0, "notes": "The slide uses a checkmark/cross matrix to illustrate the analytical gap in peer selection.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:13.644+00", "seconds": 3.493, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/13", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-13", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.18, "x": 0.76, "y": 0.135 }, "kind": "callout", "text": "US Specialty Distribution(3)", "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 14:11:13.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f372364d-d34e-4b2d-a237-c3ac7f94cb59", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Source: Wall Street research. (1) Fastenal, WW Grainger, HD Supply, MSC Industrial. (2) Home Depot, Lowe's. (3) Pool Corp., Watsco, SiteOne Landscape Supply, Beacon Roofing Supply.", "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 14:11:13.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3a4a5ff-1f5e-40d9-a080-ceee69cd80fd", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "table", "text": "Matrix of analysts vs peer categories", "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 14:11:13.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d59eca97-9028-45e6-a65a-67f012243bc9", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.85, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Why is Ferguson Mispriced? We Believe It is Compared to the Wrong Peers", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:13.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0a6425a-42a0-466e-8309-d862dae7bfd2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9578a97f-d5f7-4d02-8dff-7ab8515f52e7", "evidence": "The slide compares analyst peer selection against a target category to expose a valuation gap.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:13.644+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 13, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 8, "name": "Agitation", "beatId": "f59f6fd4-f367-4e32-9155-c32b8352d7d0", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 8-13 agitate the problem by detailing reasons for the undervaluation.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 14, "type": "setup", "title": "Uses checkmarks and X-marks to visually contrast business models.", "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": "balanced", "densityScore": 33, "componentCount": 3, "textChars": 424, "nDataPoints": 0, "notes": "Uses checkmarks and X-marks to visually contrast business models.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:16.991+00", "seconds": 6.788, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/14", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-14", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.75, "x": 0.06, "y": 0.88 }, "kind": "source-note", "text": "Source: Company filings. (1) Fastenal is a branch-based distributor but sells broadline MRO products to end-users. (2) Represents HD Supply’s facilities maintenance business... (3) HD Supply is driven by MRO spend... (4) See page 19 for supporting data.", "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 14:11:16.991+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7cc8112e-a509-4124-8294-a648edb84689", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.88, "x": 0.06, "y": 0.2 }, "kind": "table", "text": "Comparison table of Ferguson vs Broadline Industrial MRO Distributors across 6 criteria.", "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 14:11:16.991+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24f55f1e-6bc4-4b85-bd1d-55d8ce2dcad4", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "We Believe Ferguson is a Far Superior Business to Broadline Industrial Distributors", "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 14:11:16.991+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f301213e-39cb-49b0-aff9-f4dd4110407d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ef88c1e3-8d18-466d-a253-3d12f5d746d3", "evidence": "Direct comparison table between two business models.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:16.991+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "comparison-frame" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 14, "name": "Solution", "beatId": "0de9becd-2ef8-4aa5-bbdf-e9a852162c39", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 14-20 propose and support the solution of a US listing.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 15, "type": "setup", "title": "The slide uses a checkmark/cross comparison matrix to differentiate Ferguson from its peers.", "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": "balanced", "densityScore": 42, "componentCount": 4, "textChars": 338, "nDataPoints": 1, "notes": "The slide uses a checkmark/cross comparison matrix to differentiate Ferguson from its peers.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:13.366+00", "seconds": 3.048, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/15", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-15", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.2, "x": 0.53, "y": 0.68 }, "kind": "callout", "text": "Ferguson has an advantaged market structure & growth profile", "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 14:11:13.366+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d7995eb-625e-4d17-a75f-4603075f0121", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "(1) Weights Home Depot revenue at 55% consumer and Lowe's revenue at 75-80% consumer per public disclosure", "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 14:11:13.366+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b5372b9-3f5c-4576-a6c4-2dfb651855da", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.88, "x": 0.06, "y": 0.35 }, "kind": "table", "text": "Comparison matrix of Ferguson vs Home Depot/Lowe's across 6 criteria", "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": null, "framework": null }, "subkind": "comparison", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:13.366+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1c37781-6a93-48c1-9522-54917e848b0a", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "We Believe Ferguson Has a More Attractive Market Structure and Growth Profile than Home Depot and Lowe's", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:13.366+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5c2f483-73fd-492d-9413-0056f1b88184", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0e5a011b-9446-4cbe-8a8b-d8a6891288f6", "evidence": "Direct comparison of business attributes between competitors", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 14:11:13.366+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "comparison-frame" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 14, "name": "Solution", "beatId": "0de9becd-2ef8-4aa5-bbdf-e9a852162c39", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 14-20 propose and support the solution of a US listing.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 16, "type": "setup", "title": "The slide uses checkmarks to indicate alignment across multiple business attributes.", "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": 44, "componentCount": 5, "textChars": 275, "nDataPoints": 0, "notes": "The slide uses checkmarks to indicate alignment across multiple business attributes.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:16.036+00", "seconds": 5.584, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/16", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-16", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.035, "w": 0.135, "x": 0.345, "y": 0.245 }, "kind": "image", "text": "Ferguson 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 14:11:16.036+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e8fcfa3-dd93-4fbc-863d-41fede52f86c", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.295, "x": 0.615, "y": 0.215 }, "kind": "image", "text": "Watsco, PoolCorp, SiteOne, Beacon Roofing Supply logos", "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 14:11:16.036+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2be95f77-c985-4cdb-ad70-2035f9dfdbc9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.06, "y": 0.95 }, "kind": "source-note", "text": "Source: Company filings. (1) See page 19 for supporting data.", "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 14:11:16.036+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3beddb5-b47c-4771-838e-713f4a479aa1", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.88, "x": 0.06, "y": 0.35 }, "kind": "table", "text": "Comparison table of Ferguson vs RMI-Oriented Specialty Distributors across 7 criteria.", "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 14:11:16.036+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bcd1f2ee-b54d-4c97-90b5-f5691accfebb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.88, "x": 0.06, "y": 0.07 }, "kind": "title", "text": "Ferguson Compares Favorably to Leading Specialty Distributors", "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 14:11:16.036+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cfc225f0-222c-43cc-8839-41d2f5cb0320", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "53556e07-7dc0-4807-ae92-fb705c8dd3d7", "evidence": "Direct comparison of business attributes between subject and peers.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:16.036+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 14, "name": "Solution", "beatId": "0de9becd-2ef8-4aa5-bbdf-e9a852162c39", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 14-20 propose and support the solution of a US listing.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 17, "type": "setup", "title": "The chart highlights Ferguson's performance relative to competitors, with a callout indicating that the top two performers represent 90% of Ferguson's EBITDA.", "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": "dense", "densityScore": 68, "componentCount": 6, "textChars": 427, "nDataPoints": 10, "notes": "The chart highlights Ferguson's performance relative to competitors, with a callout indicating that the top two performers represent 90% of Ferguson's EBITDA.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:22.059+00", "seconds": 11.555, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/17", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-17", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.1, "x": 0.278, "y": 0.19 }, "kind": "callout", "text": "90% of Ferguson's EBITDA", "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 14:11:22.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20c8dbee-3f33-4f2f-8115-d4764a22c734", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "chart", "text": "Bar chart showing organic growth rates for 10 companies", "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 14:11:22.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e315a3bd-383a-44a7-9e4f-6029f044c786", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.25, "x": 0.66, "y": 0.195 }, "kind": "legend", "text": "Specialty, RMI-Oriented; Broadline Industrial MRO; Home Improvement Retail", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:22.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab712df1-afa4-4a50-abe9-4283f5295da4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "subtitle", "text": "Source: Company filings. (1) Represents HD Supply Facility Maintenance business (~60% EBITDA) and excludes Construction & Industrial business (not comparable to Ferguson).", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:22.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3cc6797-4c35-4e92-b1fe-30e05126df53", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.05, "y": 0.07 }, "kind": "title", "text": "Ferguson Has Delivered Differentiated Organic Growth...", "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 14:11:22.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0a7db25-ad3b-486a-a43e-bfc31b4ec277", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.13 }, "kind": "title", "text": "Organic Sales Growth CAGRs (Last 5 Fiscal Years)", "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 14:11:22.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "651901ca-bec6-44f0-b451-2ae640ac3686", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "94d1d77f-f913-4902-93d8-d6fc849541fb", "evidence": "Comparison of organic growth rates across a peer group.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:22.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 14, "name": "Solution", "beatId": "0de9becd-2ef8-4aa5-bbdf-e9a852162c39", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 14-20 propose and support the solution of a US listing.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 18, "type": "setup", "title": "The chart uses color coding to distinguish between Specialty/RMI-Oriented (green), Broadline Industrial MRO (grey), and Home Improvement Retail (blue) companies", "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": "dense", "densityScore": 59, "componentCount": 5, "textChars": 414, "nDataPoints": 10, "notes": "The chart uses color coding to distinguish between Specialty/RMI-Oriented (green), Broadline Industrial MRO (grey), and Home Improvement Retail (blue) companies.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:13.801+00", "seconds": 2.932, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/18", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-18", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "chart", "text": "Gross margin change across 10 companies", "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 14:11:13.801+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67bee8fa-586d-42b4-9b14-42503d82e477", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.25, "x": 0.66, "y": 0.2 }, "kind": "legend", "text": "Specialty, RMI-Oriented; Broadline Industrial MRO; Home Improvement Retail", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:13.801+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7493365d-787d-4340-9fcc-6402f1baddf6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.92 }, "kind": "subtitle", "text": "Source: Company filings. (1) Uses Ferguson's consolidated gross margin as a proxy for US segment. (2) HD Supply consolidated gross margin, which includes the non-comparable Construction & Industrial business.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:13.801+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48030fe7-51a4-454b-832d-56b0ddeafe8e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.05, "y": 0.07 }, "kind": "title", "text": "...Strong Gross Margin 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 14:11:13.801+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98d07ca8-19c1-4c64-b152-999d21e76cc6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.14 }, "kind": "title", "text": "Gross Margin Change (basis points) (Last 5 Fiscal Years)", "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 14:11:13.801+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "34a3bebe-770b-4b30-9e3b-97b72b051607", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 14, "name": "Solution", "beatId": "0de9becd-2ef8-4aa5-bbdf-e9a852162c39", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 14-20 propose and support the solution of a US listing.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 19, "type": "setup", "title": "The chart uses color coding to categorize companies into Specialty, Broadline Industrial, and Home Improvement segments.", "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": "dense", "densityScore": 61, "componentCount": 5, "textChars": 456, "nDataPoints": 10, "notes": "The chart uses color coding to categorize companies into Specialty, Broadline Industrial, and Home Improvement segments.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:14.965+00", "seconds": 3.791, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/19", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-19", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.45, "x": 0.07, "y": 0.57 }, "kind": "callout", "text": "While Ferguson has expanded EBITDA margins over the last 5 years, Trian believes there is an opportunity to better leverage growth and improve margin flow through", "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 14:11:14.965+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0726aad2-9436-460c-a83e-2da79502ef1e", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.9, "x": 0.05, "y": 0.13 }, "kind": "chart", "text": "EBITDA Margin Change (basis points) (Last 5 Fiscal Years)", "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 14:11:14.965+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3503e9ba-1b41-41f8-b3ea-9c39345003e6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.05, "y": 0.96 }, "kind": "disclaimer", "text": "Source: Company filings. (1) Represents HD Supply Facility Maintenance Business (~60% EBITDA) and excludes Construction & Industrial.", "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 14:11:14.965+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "befa4af8-f330-4204-bd86-36308d832593", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.25, "x": 0.66, "y": 0.2 }, "kind": "legend", "text": "Specialty, RMI-Oriented; Broadline Industrial MRO; Home Improvement Retail", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:14.965+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dff4128e-79f4-45eb-b3b7-d589a24f3b53", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.05, "y": 0.07 }, "kind": "title", "text": "...and EBITDA Margin Expansion", "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 14:11:14.965+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65862024-4655-41eb-a2d7-8c1475b38e1c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 14, "name": "Solution", "beatId": "0de9becd-2ef8-4aa5-bbdf-e9a852162c39", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 14-20 propose and support the solution of a US listing.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 20, "type": "setup", "title": "The slide uses a torn-paper visual effect to highlight the announcement details.", "function": "present_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "present_solution", "functionCanon": { "name": "Present solution", "slug": "present_solution", "status": "active", "canonId": "019de52d-15b8-71da-bd23-2b767850cbce", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 5, "textChars": 507, "nDataPoints": 0, "notes": "The slide uses a torn-paper visual effect to highlight the announcement details.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:14.437+00", "seconds": 3.074, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/20", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-20", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.75 }, "kind": "callout", "text": "We believe Ferguson can be one of the leading US RMI-oriented specialty distributors publicly traded in the United States", "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 14:11:14.437+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "723b9638-d240-4742-9bfc-3fc4731bf096", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.88, "x": 0.06, "y": 0.0019 }, "kind": "list", "text": "1) Ferguson intends to demerge its UK operations(1)\n2) Kevin Murphy, Ferguson’s US CEO, will become Group CEO on November 19, 2019\n3) Board considering most appropriate listing structure for Ferguson going forward", "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": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:14.437+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0745518-2802-4a47-a97c-0a5b08fe7f05", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Company press release. (1) Subject to shareholder approval.", "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 14:11:14.437+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12c765ae-fc8c-4f10-b509-e31b2e7bcbe0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.0013 }, "kind": "subtitle", "text": "Ferguson’s September 3, 2019 Announcement", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:14.437+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "121d88a4-6f4b-48c8-be26-118cc0320179", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Ferguson’s Management and Board Have Begun to Address The Problem", "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 14:11:14.437+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b472ced-b1e4-45e5-9f49-ead1c707a4bd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 14, "name": "Solution", "beatId": "0de9becd-2ef8-4aa5-bbdf-e9a852162c39", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 14-20 propose and support the solution of a US listing.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 21, "type": "evidence", "title": "Uses company logos and specific press release quotes to build credibility for a proposed re-listing strategy.", "function": "cite_precedent", "rawType": "cite_precedent", "block": null, "metadata": { "slideType": "cite_precedent", "slideTypeCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-12ec-72be-8881-51b438fa76c7", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 90, "componentCount": 10, "textChars": 840, "nDataPoints": 6, "notes": "Uses company logos and specific press release quotes to build credibility for a proposed re-listing strategy.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:16.02+00", "seconds": 4.349, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/21", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-21", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.2, "x": 0.05, "y": 0.55 }, "kind": "image", "text": "Signet Jewelers 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 14:11:16.02+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09f8dcca-c413-4108-bf71-951f3bc9b168", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.2, "x": 0.05, "y": 0.8 }, "kind": "image", "text": "Barrick Randgold 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 14:11:16.02+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f1bc787-0b7b-4913-86f7-4e88754d84f3", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.2, "x": 0.05, "y": 0.25 }, "kind": "image", "text": "Invesco 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 14:11:16.02+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d9e4947-137e-4672-8105-47be2d264bc9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.27, "y": 0.7 }, "kind": "list", "text": "On August 19, 2008, the transaction was approved by 94% of votes cast", "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 14:11:16.02+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1cf3183-ac71-4923-be2f-e2c38753bf6e", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.7, "x": 0.27, "y": 0.2 }, "kind": "list", "text": "In September 2007, Invesco plc announced a proposal to move its primary listing from the LSE to the NYSE... On November 14, 2007, the transaction was approved by 97% of votes cast", "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 14:11:16.02+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ccb1c112-6b02-40c0-835e-53aa4cf5eb75", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.13 }, "kind": "paragraph", "text": "Shareholders of UK-listed companies have previously approved transactions involving a United States relisting (by significant margins):", "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 14:11:16.02+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a35e6285-cfe4-4fbd-a6b9-4327caacd5e1", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.65, "x": 0.3, "y": 0.5 }, "kind": "quote", "text": "The Proposal will align the place of listing with the majority of the Group's business activities... -- Signet Group Press Release (July 10, 2008)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:16.02+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24022422-7929-4937-8faf-5d81cfd00ecd", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Bloomberg; company filings. (1) Invesco September 25, 2007 press release.", "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 14:11:16.02+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51eb3e53-109f-4bfb-addf-5c19e06c49d8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.35, "x": 0.438, "y": 0.8 }, "kind": "table", "text": "Share Price Appreciation on Date of Merger Announcement: Barrick Gold 5.4%, Randgold Resources 6.0%", "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 14:11:16.02+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ff4c15c-1d26-4f51-81f8-a72efb6537a1", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "There are Precedents for UK-Listed Companies Re-Listing on a US Stock Exchange", "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 14:11:16.02+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "caa2cfd9-e64e-4500-b0ea-8fc58945e581", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "8eedc1c0-a527-46de-969e-0b60693ea11f", "evidence": "Shareholders of UK-listed companies have previously approved transactions involving a United States relisting (by significant margins):", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:26:47.704714+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "0f56e03b-0f5c-4722-9ba6-2865835d9c4c", "evidence": "Citing historical precedents and shareholder approval percentages to validate a strategy.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:16.02+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 23, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 21, "name": "Impact and Next Steps", "beatId": "aaadedfd-5e36-4319-86f0-f3dc1320ac4a", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Slides 21-23 discuss precedents and the potential impact of a US listing.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 23, "from": 21, "loop": { "name": "15_why_now", "slug": "15-why-now", "status": "active", "bestFor": "Sales pitches, fundraising, requesting immediate budget approval", "canonId": "019dd956-6c00-70cd-bd42-6bacc4af726f", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Context (Trends) -> The Trigger Event -> The Window of Opportunity", "description": "Create temporal urgency by proving that the window of opportunity is opening or closing", "familyLabel": null }, "matchId": "63bf7b66-f20b-4eec-bbd5-afd8d8bfc2b3", "evidence": "The loop discusses precedents and the current opportunity for a US listing.", "position": 1, "objective": "Explain why a US listing is a timely solution", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:08:23.155499+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 22, "type": "setup", "title": "The slide uses a bubble chart representation to visually compare market caps.", "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": "dense", "densityScore": 72, "componentCount": 6, "textChars": 612, "nDataPoints": 2, "notes": "The slide uses a bubble chart representation to visually compare market caps.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:15.977+00", "seconds": 4.036, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/22", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-22", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.68 }, "kind": "callout", "text": "Over 20x Ferguson's market capitalization is held at peers trading in the US at far more expensive valuations than where Ferguson currently trades. We believe Ferguson is an attractive complementary holding once investors understand the Company", "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 14:11:15.977+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96c7f731-68dc-42e6-a4cc-35c75de7e3b6", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.7, "x": 0.15, "y": 0.25 }, "kind": "chart", "text": "Market Capitalization 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": "Bubble chart", "slug": "bubble", "status": "active", "canonId": "019de52d-00a4-756f-8978-8d5e48905dbc", "version": 1, "description": null }, "framework": null }, "subkind": "bubble", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:15.977+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af91c90d-77a1-494b-96b0-c560521dc32b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.15, "x": 0.6, "y": 0.35 }, "kind": "metric", "text": "$19 billion", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:15.977+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "badf645f-12fb-4fbe-a9bd-e0c930a430da", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.15, "x": 0.25, "y": 0.25 }, "kind": "metric", "text": "$412 billion", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:15.977+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1098527-7061-40b9-a62d-4798b329ed15", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Source: FactSet. Note: Circles are sized to scale. (1) Represents the combined market cap of Home Depot, Lowe's, Pool Corp., Watsco, SiteOne, Beacon Roofing Supply, HD Supply, Fastenal, WW Grainger, MSC Industrial.", "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 14:11:15.977+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a6b289a-2389-4c8e-adb5-1f48d79c7afb", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "We Believe a US-Listed Ferguson Would Be an Attractive Stock to Shareholders of Its US-Listed Peers", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:11:15.977+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0b30fd1-5cb0-40f2-82f3-da0d887136b2", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Slide recipe: the peer-gap chart", "slug": "peer-gap-chart-recipe", "status": "active", "bestFor": null, "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7", "version": 1, "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c", "description": "The single most-copied slide in activism. This is the exact layout, used", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "a0df06fc-e6e4-40c1-b6a3-b08b1721e52b", "evidence": "Over 20x Ferguson's market capitalization is held at peers trading in the US at far more expensive valuations than where Ferguson currently trades.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:26:47.769658+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "0d42ba67-3dbf-4fc9-920b-932f4d8d7892", "evidence": "Direct comparison of market capitalization between peers and the subject company.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:11:15.977+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 23, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 21, "name": "Impact and Next Steps", "beatId": "aaadedfd-5e36-4319-86f0-f3dc1320ac4a", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Slides 21-23 discuss precedents and the potential impact of a US listing.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 23, "from": 21, "loop": { "name": "15_why_now", "slug": "15-why-now", "status": "active", "bestFor": "Sales pitches, fundraising, requesting immediate budget approval", "canonId": "019dd956-6c00-70cd-bd42-6bacc4af726f", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Context (Trends) -> The Trigger Event -> The Window of Opportunity", "description": "Create temporal urgency by proving that the window of opportunity is opening or closing", "familyLabel": null }, "matchId": "63bf7b66-f20b-4eec-bbd5-afd8d8bfc2b3", "evidence": "The loop discusses precedents and the current opportunity for a US listing.", "position": 1, "objective": "Explain why a US listing is a timely solution", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:08:23.155499+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 23, "type": "setup", "function": "summarize", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "sparse", "densityScore": 3, "componentCount": 2, "textChars": 22, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:11:15.922+00", "seconds": 3.835, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/23", "deck": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284", "deckAnchor": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-23", "deckJson": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.54, "x": 0.23, "y": 0.4 }, "kind": "image", "text": "FERGUSON", "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 14:11:15.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "61bcd839-9fc3-400c-a5c3-dfcef5e0b7d9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.2, "x": 0.06, "y": 0.07 }, "kind": "title", "text": "Final Thoughts", "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 14:11:15.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8044745-0ac7-44b4-8857-0831dce68931", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 23, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 21, "name": "Impact and Next Steps", "beatId": "aaadedfd-5e36-4319-86f0-f3dc1320ac4a", "matchId": "cfc15181-788b-4842-82ce-8f133f98b81c", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Slides 21-23 discuss precedents and the potential impact of a US listing.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 23, "from": 21, "loop": { "name": "15_why_now", "slug": "15-why-now", "status": "active", "bestFor": "Sales pitches, fundraising, requesting immediate budget approval", "canonId": "019dd956-6c00-70cd-bd42-6bacc4af726f", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Context (Trends) -> The Trigger Event -> The Window of Opportunity", "description": "Create temporal urgency by proving that the window of opportunity is opening or closing", "familyLabel": null }, "matchId": "63bf7b66-f20b-4eec-bbd5-afd8d8bfc2b3", "evidence": "The loop discusses precedents and the current opportunity for a US listing.", "position": 1, "objective": "Explain why a US listing is a timely solution", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:08:23.155499+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true } ], "arcBeats": [ { "from": 1, "to": 3, "label": "Setup", "description": "The initial slides provide disclaimers and an executive summary, setting the stage for the presentation." }, { "from": 4, "to": 7, "label": "Problem Identification", "description": "Slides 4-7 identify Ferguson's situation and the problem of undervaluation." }, { "from": 8, "to": 13, "label": "Agitation", "description": "Slides 8-13 agitate the problem by detailing reasons for the undervaluation." }, { "from": 14, "to": 20, "label": "Solution", "description": "Slides 14-20 propose and support the solution of a US listing." }, { "from": 21, "to": 23, "label": "Impact and Next Steps", "description": "Slides 21-23 discuss precedents and the potential impact of a US listing." } ], "loops": [ { "from": 4, "to": 7, "label": "Cost Of Inaction", "description": "Highlight the cost of not addressing Ferguson's undervaluation" }, { "from": 21, "to": 23, "label": "Why Now", "description": "Explain why a US listing is a timely solution" } ] }