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  "documentTitle": "Nestlé S.A. (NESN)",
  "authorId": "05_Third_Point",
  "authorName": "Third Point",
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  "presentationDate": "2018-07-01 00:00:00",
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  "notes": "Uses a visual metaphor of spilled milk and chocolate to imply messiness/inconsistency.",
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      "text": "Lack of transparency and broad category definitions (in financial reporting) mask underperformance of various businesses",
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      "text": "Nestlé describes itself as a company focused on “nutrition, health and wellness,” but many categories and brands continue to fall beyond that definition. Nestlé highlights coffee, pet, nutrition, and water as key categories, but nearly half of the portfolio sits outside those categories. Making acquisitions across diverse range of new categories (e.g. vitamins & supplements, roast & ground coffee, meal kits). Lack of transparency and broad category definitions (in financial reporting) mask underperformance of various businesses. Operates complicated series of joint ventures and partnerships. Unable to articulate a compelling strategic rationale for continued ownership of L'Oréal",
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      "text": "Source: Third Point LLC; Nestlé company materials",
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      "kind": "title",
      "text": "STRATEGY STILL VAGUELY DEFINED AND PLAGUED BY INCONSISTENCIES",
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