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  "documentTitle": "GCP Applied Technologies (GCP)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2020-05-11 00:00:00",
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  "notes": "Uses a comparison table to invalidate the company's chosen peer set.",
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      "text": "We believe the questionable benchmarking is either a disingenuous attempt to mislead investors by comparing oranges to apples, or a troubling and fundamental misunderstanding of GCP's SBM business.",
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      "text": "Majority of sales occur at the design stage; Complexity of sales channel; GCP #1 brand positioning; GCP ~25% share",
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      "text": "We believe the questionable benchmarking is either a disingenuous attempt to mislead investors by comparing oranges to apples, or a troubling and fundamental misunderstanding of GCP's SBM business.",
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      "text": "Source: GCP's public filings, Wall Street Research, and the public filings of the \"peers\" for GCP's SBM business that GCP included in its May 1st, 2020 presentation.",
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      "text": "Comparison table of 15 peers across Main Categories and Similar Building Envelopes",
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      "text": "We Are Puzzled By the Company's Selection of SBM's Peer Group",
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