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  "documentTitle": "State Street Corporation (STT)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-10-16 00:00:00",
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  "notes": "This is a classic activist investor 'valuation gap' slide, contrasting current depressed multiples with historical performance and future potential.",
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      "text": "Assuming State Street successfully executes Trian's action plan and a modest re-rating to 13.5x forward earnings, we arrive at an implied target value per share for State Street of approximately $99 in 2014, vs $33.90 on Oct 14, 2011.",
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      "text": "Assuming State Street successfully executes Trian's action plan and a modest re-rating to 13.5x forward earnings, we arrive at an implied target value per share for State Street of approximately $99 in 2014.",
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      "text": "State Street historically traded at a premium multiple of approximately 18x forward earnings. Current depressed multiple of 8.0x is inconsistent with its fee-based model, superior balance sheet, excess capital, and organic growth.",
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      "text": "forward earnings multiple: 8.0x",
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      "kind": "paragraph",
      "text": "By committing to and delivering on our proposed margin targets, prudently returning capital to shareholders and maintaining strong capital levels, we believe State Street can deliver highly attractive EPS growth over the next three to four years",
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      "kind": "source-note",
      "text": "Source: SEC filings, State Street investor presentations, conference calls. (1) Capital IQ (2) Consensus Estimates (3) FDIC (4) SEC Filings.",
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      "kind": "title",
      "text": "Tremendous Opportunity for Value Creation at State Street",
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