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  "documentTitle": "Nestlé S.A. (NESN)",
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  "authorName": "Third Point",
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  "presentationDate": "2017-06-25 00:00:00",
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      "text": "We believe our recommendations to Nestlé management, if taken together, would dramatically improve both the growth profile and earnings power of the company.",
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      "text": "EPS: CHF 5.00-6.00",
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      "text": "We believe our recommendations to Nestlé management, if taken together, would dramatically improve both the growth profile and earnings power of the company. Portfolio re-shaping and productivity investments should help to re-accelerate organic sales growth from 2-4% this year to something in the mid-single digit range over the next few years. A formal margin and leverage target (with debt capacity used to repurchase shares) should help drive EPS from CHF 3.40 last year to CHF 5.00-6.00 by 2020.",
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      "text": "As demonstrated by our significant capital commitment, we are enthusiastic about Nestlé’s prospects. The situation reminds us of similar conditions that existed when we first invested in Baxter in 2015.",
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      "text": "We recognize that even with new leadership and clear options for value creation, change at a company like Nestlé can be complex. It is for this reason that Third Point intends to be an engaged, long-term shareholder and offer our assistance to the management team and Board as they pursue improved performance for all stakeholders.",
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      "text": "Nestlé makes the very best returns for its shareholders. — Third Point LLC",
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