{
  "docId": "019dd923-622b-71dc-a6db-42fab09bc86d",
  "docSlug": "f306ccfd77a7",
  "documentTitle": "PepsiCo (PEP)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-07-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 41,
  "pageCount": 59,
  "prevPage": 40,
  "nextPage": 42,
  "slideType": "precedent_table",
  "function": "cite_precedent",
  "density": "balanced",
  "nDataPoints": 45,
  "notes": "Includes a specific valuation proposal for a hypothetical PEP/MDLZ merger.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/41",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-41",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Implied EV / Closing LTM EBITDA of 14.4x (13.3x NTM(1)) represents discount to historical food average of ~16x",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a32a-abf85021d1c0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.9,
        "x": 0.05,
        "y": 0.91
      },
      "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...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "127517c7-5fa7-446f-b8aa-9306c1c9bc9f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.9,
        "x": 0.05,
        "y": 0.13
      },
      "kind": "list",
      "text": "We assume PEP merges with MDLZ at $35 per share... Implied EV / Closing LTM EBITDA of 14.4x... MDLZ valuation compelling given 40% of revenue from emerging markets...",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4a364a9f-3426-4825-9038-2ba8f9128907",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV / LTM EBITDA: 14.4x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a32a-af9c8e4de89f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.5,
        "x": 0.25,
        "y": 0.54
      },
      "kind": "table",
      "text": "Precedent Large-Cap Food M&A Transactions table showing Acquiror, Acquired, Year, Price, EV/LTM EBITDA, and Price/LTM Sales.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7c95b284-aa63-4d46-8241-668bb8a84624",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.04
      },
      "kind": "title",
      "text": "Opportunity To Merge With Mondelez At An Attractive Price Relative To Precedent Consumer M&A Transactions",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2bbf98c4-0340-45b4-8656-a0803be28278",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "ccda8c48-424a-40b4-9006-c7af323a52ca",
      "evidence": "Uses historical precedent transactions to justify current valuation proposal.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 59,
      "from": 25,
      "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "Slides 25-59 present the proposed solution",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 59,
      "from": 26,
      "name": "Tale Two Worlds",
      "slug": "04-tale-two-worlds",
      "bestFor": "Competitive analysis, benchmarking, case for change",
      "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397",
      "evidence": "The document presents a clear contrast between current and proposed structures",
      "position": 0,
      "objective": "Presenting a better future through separation or merger",
      "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication",
      "confidence": 0.8,
      "description": "Show the gap between two states to drive urgency or highlight opportunity"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}