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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": "Includes pro forma adjustments for dis-synergies and management actions.",
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      "kind": "disclaimer",
      "text": "(1) Pro forma for $800mm out-of-box dis-synergies at Beverages from separation... Note: EBIT margin declines from 2013 to 2014 in Beverages due to dis-synergies from the separation.",
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      "text": "Implied Value Per Share: $144.4",
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      "text": "SnacksCo and BeveragesCo pro forma income statements, credit statistics, and dividend data.",
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      "kind": "title",
      "text": "Separating Snacks/Beverages Creates Meaningful Value",
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