{
  "docId": "019dd923-622b-71dc-a6db-37cef49dac11",
  "docSlug": "13510954ecca",
  "documentTitle": "Danone (BN.PA)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-11-07 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 14,
  "pageCount": 16,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "valuation_reveal",
  "function": "quantify_opportunity",
  "density": "overcrowded",
  "nDataPoints": 11,
  "notes": "Uses historical FCF growth and peer FCF yield comparison to argue for undervaluation.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "bar_chart_vertical",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-37cef49dac11/14",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-37cef49dac11",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-37cef49dac11.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-37cef49dac11#slide-14",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.28,
        "x": 0.53,
        "y": 0.39
      },
      "kind": "callout",
      "text": "Approximately 50-60% potential upside assuming Danone trades at same FCF yield as Unilever and Nestle",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ed66963f-ab98-4dd9-90c5-7e1750a58e23",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.45,
        "x": 0.06,
        "y": 0.31
      },
      "kind": "chart",
      "text": "Free Cash Flow (FCF) 2007-2012E",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "300b3823-3715-42d7-86bc-43ead4e23a6f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.43,
        "x": 0.53,
        "y": 0.31
      },
      "kind": "chart",
      "text": "2012E Free Cash Yield comparison (Nestle, Unilever, Danone)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "51529b9a-b6e8-451b-a5e6-a58984b9eb51",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.06,
        "y": 0.18
      },
      "kind": "list",
      "text": "That would have been a good time to buy, as the U.S. Packaged Food Index has increased 111% since March 2009, and free cash flow yields have normalized to approximately 5.5%",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "386c43a2-0d4c-4819-8562-4934ae5a7923",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.06,
        "y": 0.09
      },
      "kind": "list",
      "text": "Negative sentiment has driven Danone's free cash flow yield to 7%, in-line with the free cash flow yield that companies comprising the U.S. Packaged Food Index traded at in March 2009 when U.S. sentiment hit bottom",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c0dad3d5-baf5-4973-9b95-992d1188cda1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Free Cash Flow Yield: 6.9%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee36-760b-929f-c7f75bb3f2d0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.7,
        "x": 0.06,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Company filings, Bloomberg. Note: Free Cash Flow is defined as operating cash flow less capital expenditures net of tangible asset disposals, plus M&A fees.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5fa141e8-230b-46ca-8d97-58c3182214d9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.38,
        "x": 0.06,
        "y": 0.03
      },
      "kind": "title",
      "text": "Highly Cash-Generative",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7710a4a2-04ac-4af7-ba7b-66756bac5cd4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "ce841c0c-5f67-45e7-a1d4-545ec7af67d7",
      "evidence": "chart/bar-vertical: 2012E Free Cash Yield comparison (Nestle, Unilever, Danone)",
      "confidence": 0.8
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 14,
      "from": 12,
      "beatId": "f0a27d8d-9ded-481e-8921-f8f9e437f17a",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Valuation",
      "beatSlug": null,
      "evidence": "The presentation provides valuation tables and highlights attractive valuation",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 14,
      "from": 14,
      "beatId": "c45e3be9-2543-45af-a233-8d5a4acf914d",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Financials",
      "beatSlug": "sequoia-pitch-financials",
      "evidence": "The presentation highlights Danone's highly cash-generative nature",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}