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  "documentTitle": "PepsiCo (PEP)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-07-01 00:00:00",
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  "pageNumber": 24,
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  "nDataPoints": 4,
  "notes": "The slide uses a Trian estimate for PepsiCo's margin to facilitate the comparison.",
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      "text": "Though PepsiCo does not disclose its international beverage margin (1/3 of sales), we estimate its global beverage business has a 12% EBIT margin – well below beverage peers",
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      "kind": "chart",
      "text": "PepsiCo Estimated 2012 Beverages Margin vs Beverages Peers",
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      "text": "Though PepsiCo does not disclose its international beverage margin (1/3 of sales), we estimate its global beverage business has a 12% EBIT margin – well below beverage peers\nEven Coca-Cola Enterprises (CCE) has a higher margin despite lack of concentrate revenue",
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      "text": "EBIT margin: 12%",
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      "kind": "source-note",
      "text": "Source: SEC filings and Wall Street research. Note: The estimates, projections, pro-forma information and potential impact of Trian's ideas set forth herein are based on assumptions that Trian believes to be reasonable, but there can be no assurance or guarantee that actual results or performance of the Issuer will not differ, and such differences may be material. This presentation does not recommend the purchase or sale of any security. (1) Represents 2012 Trian estimates. Beverage revenue and EBIT in Europe and AMEA segments allocated per Trian estimates and Wall St. research. Corporate costs are allocated as a percentage of revenue.",
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      "kind": "title",
      "text": "Beverage Margin Also Estimated at Low End of Peers",
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