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  "documentTitle": "PepsiCo (PEP)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2014-02-19 00:00:00",
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  "notes": "The slide uses a series of paragraphs to critique PepsiCo's international strategy, focusing on market concentration, EBIT margins, and brand management.",
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      "text": "PepsiCo's 10.1% EBIT margin outside the Americas suggests significant opportunity.",
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      "text": "EBIT margin: 10.1%",
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      "text": "Inability to build Frito-Lay into a global brand: While Frito-Lay has a leading position in the U.S., PepsiCo has not leveraged that strength by building Frito-Lay into a truly global brand. PepsiCo still goes to market in snacks through different local brands around the world.",
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      "text": "In addition to margin, we note that the total amount of EBIT generated across half of the globe (Asia, Middle East and Africa segment) is 15% less than PepsiCo's unallocated corporate overhead when backing out the Vietnam gain.",
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      "text": "contested are select developing markets where companies are fighting as much to gain consumer acceptance of their products as they are to gain share from each other.",
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      "text": "Despite operating in more than 200 countries, PepsiCo generates the majority of its sales and profits from a handful of markets. Within snacks, the company's top 10 countries represent 85% of total PepsiCo snacks retail sales. Within beverages, the company's top 10 countries represent 80% of total PepsiCo beverage retail sales.",
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      "text": "PepsiCo's 10.1% EBIT margin outside the Americas suggests significant opportunity. PepsiCo's EBIT margin outside the Americas is only 10.1% after allocation of corporate expense... Coca-Cola Enterprises has a 13% EBIT margin... Snacks companies tend to have mid-to-high teens EBIT margins internationally.",
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