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  "documentTitle": "GCP Applied Technologies (GCP)",
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  "presentationDate": "2020-04-30 00:00:00",
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  "notes": "Uses a contrast-pairs framework to highlight management failure at GCP compared to peers.",
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      "text": "The divergence in experiences between GCP and its closest peers is difficult to understand.",
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      "text": "As an example, over the last two years, GCP’s closest peers for the SBM segment have enthusiastically discussed the robust macro environment while GCP has struggled.",
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      "text": "“We’re in the very lucky situation that in our seven target market we have everywhere opportunity to grow…from concrete to roofing to waterproofing, great opportunities.” — Sika (May 2018); “So we have a market growth rate that is a little – still growing but a little softer than this year. So if we see a stronger construction market, that clearly would be a positive.” — GCP (November 2018); “SBM's revenue was down 11% year-over-year. Our project-based Building Envelope business was down 12% as growth in EMEA was more than offset by declines in North America and Asia Pacific.” — GCP (November 2019); “The reduction of the Building Envelope business contributed significantly to the margin reduction as well as the overall mix.” — GCP (February 2020)",
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      "text": "Source: GCP, CSL, RPM and Sika public filings and transcripts.",
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      "text": "GCP’s Closest Peers Seem to Have Enjoyed a Robust Macro Environment",
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