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  "documentTitle": "PepsiCo (PEP)",
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  "authorName": "Trian Partners",
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  "presentationDate": "2013-07-01 00:00:00",
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  "notes": "This slide details the 'Alternative A' scenario, likely part of an activist investor's proposal for corporate restructuring.",
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      "text": "~35% total IRR over first 2.5 years through value creation at SnacksCo and BeveragesCo",
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      "kind": "disclaimer",
      "text": "Note: The estimates, projections, pro forma information and potential impact of the opportunities identified by Trian Partners herein are based on assumptions...",
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      "text": "SnacksCo has 6.1% revenue growth, 13.7% EBIT growth. Debt reduced from 4.5x to ~2.8x. 50% dividend payout ratio. BeveragesCo has 2.9% revenue growth, 7.2% EBIT growth. Debt maintained at 4.0x EBITDA.",
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      "text": "Valuation: SnacksCo trades to 23x forward earnings. BeveragesCo trades to a 3.75% dividend yield. PepsiCo shareholder returns: ~35% total IRR. 32% EPS accretion by 2016. 27% increase in combined dividends.",
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      "text": "PepsiCo would merge with Mondelez in an all-stock transaction valued at $35.00 per Mondelez share, representing a 16% premium. 4.5x Debt / Pro Forma EBITDA. $3.7bn of combined cost synergies. $3bn revenue synergies.",
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      "text": "total IRR: ~35%",
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      "text": "Transaction Overview, Operating Assumptions (12-16e), Returns",
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      "text": "Alternative A: Key Assumptions",
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