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  "documentTitle": "GCP Applied Technologies (GCP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2020-04-30 00:00:00",
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  "nDataPoints": 24,
  "notes": "The slide highlights a significant performance gap between GCP and its peers, suggesting inefficiency in GCP's R&D spending.",
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      "kind": "callout",
      "text": "GCP's competitors are efficient with their R&D spending. On average, they are able to drive $2.36 in new sales for every $1 spent on R&D.",
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      "text": "R&D productivity bar charts for GCP, Sika, SGO, and CSL from 2015-2019",
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      "text": "Source: GCP's and Direct Peers' public filings. (1) Direct Peers include Sika, SGO, and CSL...",
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      "text": "R&D Productivity vs. Direct Peers(1)",
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      "text": "Focusing GCP's R&D strategy can potentially yield significant topline improvements.",
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      "text": "GCP's Peers Have a Better Return on Their R&D Budgets",
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