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  "documentTitle": "Nestlé S.A. (NESN)",
  "authorId": "05_Third_Point",
  "authorName": "Third Point",
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  "presentationDate": "2017-06-25 00:00:00",
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      "text": "It is past time for Nestlé to undergo a comprehensive portfolio review.",
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      "text": "It is past time for Nestlé to undergo a comprehensive portfolio review. The company operates today with over 2,000 brands in Food & Beverage and Health Science.",
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      "text": "Nestlé should set a target of at least 2.0x, which would better optimize the company's cost of capital. Getting to 2.0x and staying there would also produce enormous capacity for share buybacks over time.",
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      "text": "It is also time for Nestlé to sell its stake in L'Oréal. The company acquired 29% of L'Oréal, the global leader in beauty products, in 1974 and sold 6% in 2014. The remaining 23% stake is equivalent to more than $25 billion.",
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