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  "docSlug": "f306ccfd77a7",
  "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": 40,
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  "notes": "The slide uses a bar chart to visualize the margin gap between Mondelez and its peers, supporting an activist thesis for operational improvement.",
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      "kind": "callout",
      "text": "~400 bps of improvement in MDLZ margins, bringing them in-line with diversified food peers (but well below snacks peers), would yield ~$1.4bn in incremental EBITDA (potentially worth ~$16bn to shareholders)",
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      "kind": "chart",
      "text": "Adjusted CY12 EBIT Margins of Food Peers",
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      "kind": "disclaimer",
      "text": "Note: 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": "MDLZ EBIT margin was only ~12.2% in 2012, ~380 bps below the peer average. Snacks-focused portfolios deliver margins over 610 bps higher than MDLZ. ~400 bps of improvement would yield ~$1.4bn in incremental EBITDA.",
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      "text": "EBIT margin: 12.2%",
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      "kind": "title",
      "text": "PepsiCo Should Be Able To Drive Standalone Margin Improvement at Mondelez: An Opportunity Worth Up To $16bn (29% of Mondelez Market Cap)",
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