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  "docSlug": "f306ccfd77a7",
  "documentTitle": "PepsiCo (PEP)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2013-07-01 00:00:00",
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  "pageNumber": 12,
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  "notes": "The slide uses a combination of a line chart to show the downward trend of EPS estimates and a bar chart to compare 2013 growth expectations against peers and internal guidance.",
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      "text": "Despite the reset and significant brand investment, 2013 EPS is forecast to grow only 7%, below the peer average and at the low-end of PepsiCo's long-term guidance (\"high single digit EPS growth\")",
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      "kind": "chart",
      "text": "2013E Consensus EPS Growth Below Peers and Long-Term Guidance",
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      "kind": "chart",
      "text": "PepsiCo 2012 Consensus EPS Estimate Over Time",
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      "kind": "disclaimer",
      "text": "Source: Capital IQ and SEC Filings. (1) Peers include Coca-Cola, Dr Pepper Snapple, Mondelez, Hershey and Coca-Cola Enterprises",
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      "kind": "list",
      "text": "PepsiCo reset EPS in 2012 to $4.10, well-below prior consensus expectations of ~$5.00. Driven in part by $500-$600m in additional brand support.",
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      "text": "Despite the reset and significant brand investment, 2013 EPS is forecast to grow only 7%, below the peer average and at the low-end of PepsiCo's long-term guidance.",
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      "kind": "list",
      "text": "As a result, 2013 EPS is forecast to be only 6% above the level achieved in 2010",
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      "text": "EPS growth: 7.3%",
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      "kind": "title",
      "text": "Despite 2012 EPS Reset, 2013 EPS Growth Is Forecast to be Below Peers",
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      "name": "Cost Of Inaction",
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      "evidence": "The document highlights the costs of underperformance",
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