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  "documentTitle": "PepsiCo (PEP)",
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  "notes": "Uses a peer benchmark table to imply that PepsiCo Snacks, if separated, would command a higher valuation multiple.",
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      "text": "Source: Capital IQ, SEC Filings, Hershey 2013 CAGNY. Note: The estimates, projections, pro forma information...",
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      "text": "Highly focused food companies trade at premium multiples vs. peers with diverse portfolios\nReasons likely include: (i) easier to manage; (ii) respond faster to market challenges / opportunities; and (iii) more attractive M&A partners",
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      "kind": "quote",
      "text": "Indra Nooyi: \"I'd say it if it were a stand-alone company, Frito-Lay North America might well be the best consumer products company\" Q2 2011 Earnings Call, 7/21/2011",
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