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  "documentTitle": "State Street Corporation (STT)",
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  "authorName": "Trian Partners",
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  "presentationDate": "2011-10-16 00:00:00",
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  "notes": "Includes a valuation bridge calculation for implied share value.",
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      "text": "Trian’s operating plan results in 18% EPS growth per annum over the next 5 years:",
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      "text": "Trian's operating plan results in 18% EPS growth per annum over the next 5 years: Grow net revenue at approximately a 6% CAGR; Increase EBT margins to 36% by achieving $680mm of cost savings; Prudently repurchase shares.",
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      "text": "Adjusted EPS: $99",
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      "text": "Based on our own analysis, and our implied share value, we believe there would be an implied 40% IRR to shareholders over the slightly over three year investment horizon(1)",
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      "text": "We believe that reasonable revenue growth, strong operating leverage and a consistent return of capital to shareholders will improve State Street's shareholder return equation and allow State Street, over time, to re-rate to a 13.5x forward earnings multiple",
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      "text": "Source: SEC Filings. (1) Includes dividends of 20% of net income.",
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