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  "documentTitle": "PepsiCo (PEP)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2013-07-01 00:00:00",
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  "notes": "Uses a combination of bar charts, tables, and line charts to demonstrate capital inefficiency.",
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      "kind": "callout",
      "text": "Despite spending an aggregate of $33bn from 2009 to 2012 – which was over 100% of operating cash flow – on capex, net acquisitions and restructuring, EPS has grown at just 5%. Moreover, the Company has generated just a 5% return on capital.",
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      "text": "Despite spending an aggregate of $33bn from 2009 to 2012 – which was over 100% of operating cash flow – on capex, net acquisitions and restructuring, EPS has grown at just 5%.",
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      "text": "Cash Flow From Operations ('09-'12)",
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      "text": "While Adjusted EPS Has Barely Grown",
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      "text": "Return on Invested Capital: 5%",
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      "text": "Source: PepsiCo SEC filings. Market Capitalization as of 7/11/2013. (1) Used equity acquired (percentage not owned) plus assumed debt for acquisitions. (2) EBIT increased $1.9bn from 2008-2012. This increased was just 5% of total capital invested.",
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      "text": "Capital Expenditures, Net Acquisitions & Research and Development",
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      "text": "Minimal Return on Invested Capital",
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