{
  "docId": "019dd923-622b-71dc-a6db-329c982da726",
  "docSlug": "3849d9ee5ca3",
  "documentTitle": "Nestlé S.A. (NESN)",
  "authorId": "05_Third_Point",
  "authorName": "Third Point",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-06-25 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 1,
  "pageCount": 8,
  "prevPage": null,
  "nextPage": 2,
  "slideType": "executive_summary",
  "function": "frame_situation",
  "density": "dense",
  "nDataPoints": 5,
  "notes": "This is the opening page of a shareholder letter from Third Point regarding their activist position in Nestlé.",
  "elementsJson": [
    "paragraph",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": "https://imgproxy.kitesheet.com/6VXk9T5N0MGai7W_8nkmw7zgfLl5bYocdGqkIaPXFfI/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zODQ5ZDllZTVjYTMvcDAwMS5wbmc",
  "slideHref": "/slides/019dd923-622b-71dc-a6db-329c982da726/1",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-329c982da726",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-329c982da726.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-329c982da726#slide-1",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "However, despite having arguably the best positioned portfolio in the consumer packaged goods industry, Nestlé shares have significantly underperformed most of their US and European consumer staples peers on a three year, five year, and ten year total shareholder return basis.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb8f-761b-afcb-4913c1acdd08",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.085,
        "w": 0.29,
        "x": 0.118,
        "y": 0.055
      },
      "kind": "image",
      "text": "Third Point Logo",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c0a486f4-9e8d-49fb-b698-152f83322ebc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "market capitalization: $3.5 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb8f-761b-afcb-4e26413a6cab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.075,
        "w": 0.764,
        "x": 0.118,
        "y": 0.578
      },
      "kind": "paragraph",
      "text": "However, despite having arguably the best positioned portfolio in the consumer packaged goods industry, Nestlé shares have significantly underperformed most of their US and European consumer staples peers on a three year, five year, and ten year total shareholder return basis.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bf5d0b29-a626-47d5-812f-2a9e98e63d68",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.105,
        "w": 0.764,
        "x": 0.118,
        "y": 0.338
      },
      "kind": "paragraph",
      "text": "Nestlé, with an over $250 billion market capitalization, is the largest food business in the world and home to some of the world’s greatest brands. Its portfolio, including 34 brands that generate more than CHF 1 billion in sales annually, had roughly CHF 90 billion in total sales last year.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eec3efc9-df87-4a4d-b99f-8b019210e172",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.075,
        "w": 0.764,
        "x": 0.118,
        "y": 0.233
      },
      "kind": "paragraph",
      "text": "Third Point currently owns roughly 40 million shares of Nestlé. We hold this stake in our funds and in a special purpose vehicle raised for this opportunity. Our investment, including options, currently amounts to over $3.5 billion.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f6cf3a09-141f-4fbe-bea6-ca2f485c578a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "b8c4762c-a589-4622-8e27-f532e2b1278a",
      "evidence": "type: executive_summary",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 1,
      "from": 1,
      "beatId": "3b8912a5-c2b7-4c08-87e2-08221f9ce7d3",
      "arcName": "The Sparkline",
      "arcSlug": "sparkline",
      "beatName": "Setup",
      "beatSlug": "setup",
      "evidence": "The letter begins with an executive summary, setting the tone for the rest of the document.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": "https://imgproxy.kitesheet.com/Sd8LzvT6CvnVTE0rMsN6NM0Sey3-fgFSJYrfEmlklDY/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zODQ5ZDllZTVjYTMvcDAwMS5qcGc",
  "thumbSrc": "https://imgproxy.kitesheet.com/cyPxQnYkyAdQtdsUndkKCwaU0c6S3IIzAghkMjyislY/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zODQ5ZDllZTVjYTMvcDAwMS5wbmc",
  "thumbSrcAlt": "https://imgproxy.kitesheet.com/e7xT8qpluKulGpcVk4nHO5S-FFhGnSY1bg2CDdcpHqU/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zODQ5ZDllZTVjYTMvcDAwMS5qcGc"
}