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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": "The chart highlights KRAFT in red to emphasize its valuation premium relative to peers.",
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      "text": "We believe PepsiCo Beverages has many similar traits and can be modeled after Kraft",
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      "text": "2013E Price / Earnings Ratio",
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      "text": "The estimates, projections, pro forma information and potential impact of the ideas set forth herein are based on assumptions that Trian believes to be reasonable...",
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      "text": "Despite a slower growth collection of businesses, the new Kraft Foods Group trades at a premium to many global food and beverage peers (including Coca-Cola and PepsiCo) based on: Perception of latent value in iconic brands, Management team committed to reducing costs, Efficient capital structure, Expectation of +300 bps of margin improvement.",
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      "text": "We believe PepsiCo Beverages has many similar traits and can be modeled after Kraft: One of a handful of pure-play global beverage businesses, 14 billion-dollar brands, $33bn in total revenue, We estimate ~12% operating margin today, Strong, stable free cash flow generation.",
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      "text": "2013E Price / Earnings Ratio: 19.9x",
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      "text": "Source: Capital IQ.",
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      "text": "Ideal Time To Separate PepsiCo Beverages: Could Be Modeled After The New Kraft Foods Group",
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