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  "documentTitle": "Danone (BN.PA)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "sourceTypeSlug": "activist_investor",
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  "presentationDate": "2012-11-07 00:00:00",
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  "notes": "Uses a classic 'Bear vs. Bull' or 'Concern vs. Rebuttal' structure.",
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      "kind": "callout",
      "text": "Though there are valid concerns in the near term, we believe buying Danone at 1.5-2.0x P/E and ~33% FCF discount to European food peers more than compensates",
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      "text": "P/E discount: 33%",
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      "kind": "source-note",
      "text": "Source: Company filings, Street research. (1) Nestle emerging markets as percentage of sales as of December 31, 2011 per Annual Report.",
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      "text": "The Bears' Concerns vs Trian View comparison",
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      "text": "Why Is It Cheap: The Bear Case",
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